Bill Gross prays the Fed will listen to Rick Santelli

Bill Gross' latest investment outlook is out, and he's still worried about, well, more or less everything.

Gross writes that central banks are distorting corporate investment and incentives and, for anybody who reads Bill Gross' investment outlooks monthly, it is more of the same.

This time around, Gross highlights the latest report from the Bank for International Settlements, which in late June said central bank policies of keeping interest rates super low is hurting the global economy and leaving these institutions with fewer ways to deal with the next crisis.

"The BIS is after all the central banks' central banker," Gross writes, "and if there be a shift in the 'feed a fever' zero interest rate policy of the Fed and other central banks, perhaps it would be logically introduced here first. The BIS emphatically avers that there are substantial medium term costs of 'persistent ultra-low interest rates.'"

Each of Gross' outlooks also take some metaphor and extend it a bit too far across the entire piece. This time, Gross' metaphor is prayer, concluding his note writing:

Low interest rates are not the cure - they are part of the problem. Say a little prayer that the BIS, yours truly, and a growing cast of contrarians, such as Jim Bianco and CNBC's Rick Santelli, can convince the establishment that their world has changed.

Ultimately, Gross thinks the Fed will raise interest rates for the first time in September.

As for what investors should do, Gross doesn't say much. Last time, he was worried about bond market liquidity and said investors should keep some cash ready.

We can't imagine he's really changed that view.

Read Gross' full outlook here »