The famed investor expects a mild recession could take a turn for the worse on tightening monetary policy.
Meanwhile, a rise in interest rates spells trouble ahead for commercial real estate, which could face "potential defaults" ahead, Gross said. However, he expects that residential real estate will fare somewhat better, and will not be hit to the degree that it was during the Great Recession.
"I do think, going forward, if the Fed continues to raise rates, that the ability to equitize some of your housing, which is moving down in price, is going to be severely limited, and so that'll serve as a caution for the housing market," Gross said. "But in terms of a debacle, as in '07, '08, I don't think we're headed there."
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