The central bank should lower interest rates over the next six to 12 months, he said.
Traders said retail sales have been too buoyant to figure in fast rate cuts in the short term.
All major asset classes fell in the holiday-shortened week.
Bond traders may be underestimating the economy's strength and the persistence of inflation pressures.
Most Wall Street strategists are predicting that the trend of lower yields will persist.
A key baseline for the cost of money has jumped more than four percentage points over three years.
The era of low interest rates is over, heralding a “sea change," said Oaktree's co-founder.
The fund was up 4.1% this year through Tuesday, at a time when the U.S. bond market as a whole has lost 2.7%.
In a recent investment outlook, Gross said neither bonds nor equities are attractive, even after recent selloffs.
There's a disconnect between the Treasury market's warning and the surprisingly resilient economy.
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