Gross: Stock Market, Asset Prices Are 'Bubbly'

Bill Gross, the co-chief investment officer of Pimco, said he thinks the stock market and "all asset prices are bubbly."

"Bond prices, stock prices ... and profit margins are bubbly to the extent that [if] any of them can be sustained, I guess, is the ultimate test," Gross said on CNBC.

He said the Federal Reserve's QE program is a "rather blunt instrument in terms of elevating, and perhaps, bubbling stock prices."