While conventional thinking says the Federal Reserve will raise interest rates three or four times this year, bond king Bill Gross says that possibility is "likely exaggerated."Gross, who manages the Janus Henderson Unconstrained Bond Fund, says global bond and stock markets are too "highly leveraged" to withstand a 2% federal funds rate with inflation at only 2%. The Fed just raised its rate to a target level of 1.50-1.75%.In his latest outlook, Gross says the Fed should proceed cautiously because if it raises rates above 2% the dollar will strengthen enough to impact emerging markets and lead to premature tightening by the European Central bank and other major central banks. Gross expects the yield on the 10-year note to be around 3% for most of 2018.