Higher Unemployment A Year From Now -- Pimco's Gross

Just a matter of time.

Federal Reserve policies are progressively having less impact, and by this time next year we'll see unemployment higher than today's 8.2 percent, Pimco co-founder Bill Gross told CNBC's "Street Signs" on Wednesday.

While the Fed could cut interest rates on reserves or adopt quantitative easing - whereby the Fed buys financial assets to inject a more money into the economy - among other policies, Gross said "interest rates are close to rock bottom at the front end of the curve and there's little the Fed can do there."

Yup.