William H. Gross , the manager of the world 's biggest bond mutual fund -- the Pimco Total Return fund -- signaled Tuesday that he was moving in this direction when he said that he thought the 10-year yield would be in a range of 3 percent to 4.5 percent over the next three to five years Mr . Gross , in his investment outlook published Tuesday , said that the recycling of billions of dollars from Asia -- mostly from China 's central bank -- into the Treasury market would also help keep Treasury rates low .