Bill Gross Calls Fed's Projected Rate Hikes ‘Likely Exaggerated'

``"The Fed's purported three to four hikes this year beginning in March are likely exaggerated," wrote Gross, who runs the $2.2 billion Janus Henderson Global Unconstrained Bond Fund. "The U.S. and global economies are too highly leveraged to stand more than a 2 percent Fed Funds level in a 2 percent inflationary world."''