(Bloomberg) -- Pacific Investment Management Co.’s Bill Gross said investors should focus on shorter-maturity debt as the slow pace of U.S. inflation signals the Federal Reserve’s benchmark rate will remain at almost zero until at least 2016.

“Bond prices -- especially those at the front end of the yield curves, say one to five years, are critically dependent on the future level of fed funds, not the glide path of the almost preordered Fed taper,” of its bond purchases, Gross, manager of the world’s biggest bond fund, wrote in his monthly investment outlook posted on Newport Beach, California-based Pimco’s website today.

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