The Federal Reserve "is playing a game with us to some extent" by maintaining low interest rates, Pimco founder Bill Gross told CNBC, who also expects another round of quantitative easing.
"I think the Fed will continue to do this for a long time and subordinate investors in the bond market," said Gross, who runs the world's largest bond fund.
Gross spoke Tuesday after the Fed left its policy unchanged. While acknowledging signs of strength in the U.S. economy, it reiterated that unemployment is too high and interest rates would remain near zero until late 2014. The Fed did not say whether there would be another round of quantitative easing .
Gross said there has to be a QE3.
"Whenever the Fed and other central banks have paused with their quantitative easing programs since 2009, stock prices have fallen and economies have slowed. To my mind there’s little hope for the private markets substituting for central banks anytime soon," he said.
In the same interview, David Kelly, chief market strategist for JP Morgan Funds, said easing isn't necessary.
"The economy will be strong enough to avoid QE3. This policy of more and more liquidity holding rates down is not really helping," he said. "There’s plenty of liquidity in the economy. It lacks for confidence."
He said that "the best thing the Federal Reserve could do is lay out a road map by which they’ll begin to return monetary policy back to normal. I think that would convince a lot of investors that things are moving back to normal and that would help the economy."
Reuters contributed to this report.