Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., said that additional easing programs hinted at by Federal Reserve officials will push yields on longer-term Tresaurys higher because policy makers want more inflation.

Investors should buy “safe haven” maturities of under 10 years,

Gross said in his monthly investment outlook on Pimco’s website today.

“Sovereign monetary and fiscal policies, while generating undersized real growth, have managed to produce disproportionally large inflation,” Gross wrote in a monthly investment outlook posted on Newport Beach, California-based Pimco’s website today.

“Developed economies — the U.S. included — have experienced 3 percent plus inflation in the midst of a New Normal economy. Portfolios should avoid longer dated issues where inflation premiums dominate performance.”

More quantitative easing suggested by Fed officials including Vice Chairman Janet Yellen is likely to push the central bank’s objective for inflation to above 2 percent, which will cause investors to demand higher yields on longer-term Treasurys, Gross wrote.

Investors should buy “safe haven” maturities of under 10 years and in equity markets focus on dividend-producing stocks, Gross added.