Currencies in China, Brazil, Canada and Australia all offer attractive returns in the coming months, compared to sub-par performance from the euro, British pound and Japanese yen, according to Paul McCulley, a fund manager at Pacific Investment Management Co.

U.S. 10-year Treasury yields will trade around 3.50% and 4.25%, he said, as the Federal Reserve continues to keep interest rates at record lows into next year.

China's continued expansion will pull the world out of its slump and push up prices for raw materials, McCulley said, and commodity producers such as Australia, Brazil and Canada are projected to grow faster than larger economies like the U.S.

PIMCO Managing Director Bill Gross said he thinks the almost three-decade bond market rally may be nearly over, though Build America Bonds are still attractive.