April 29 (Bloomberg) -- Bill Gross, who helps run the world’s biggest bond fund at Pacific Investment Management Co., said the Federal Reserve is “saving ammunition” by refraining from increasing purchases of Treasuries and mortgage securities at today’s policy meeting.

At the previous Federal Open Market Committee meeting in March, policy makers agreed to buy $300 billion of long-term Treasury debt within six months while increasing purchases of mortgage-backed securities to $1.25 trillion this year from $500 billion and doubling purchases of housing-agency debt to $200 billion.

For Related News and Information: U.S. recession: STNI USRECESSION <GO> Obama’s stimulus plans: STNI OBAMASTIMULUS <GO> World inflation breakeven rates: ILBE <GO> Credit market watch: CMW <GO> Sovereign debt monitor: SOVR <GO> Credit crunch page: WWCC <GO> Short-term liquidity: SLIQ <GO>

Last Updated: April 29, 2009 15:08 EDT