According to Bill Gross, manager of Pimco's bond fund, the global economy may be facing low interest rate policies for decades to come. He says investors should "bet against" expectations that the federal funds rate will rise by one percentage point within the next two years. Per Reuters:

"The U.S. (and global economy) may have to get used to financially repressive - and therefore low policy rates - for decades to come," wrote Gross, a co-founder and co-chief investment officer at Pimco, whose flagship Pimco Total Return Fund has roughly $251 billion in assets.

"Right now the market (and the Fed forecasts) expects fed funds to be 1 percent higher by late 2015 and 1 percent higher still by December 2016. Bet against that," he wrote.