Pacific Investment Management Co.’s Bill Gross said the Federal Reserve is unlikely to raise interest rates, even with the labor market expanding, until inflation reaches policy makers’ 2 percent target rate.

Central bankers aren’t “moving off the dime,” until they see inflation go up, Gross said in a Bloomberg Radio interview with Tom Keene and Michael McKee.

Gross comments came after a government report showed U.S. employers boosted payrolls in April by the most in two years and the jobless rate plunged to 6.3 percent.

The 288,000 gain in employment was the biggest since January 2012 and followed a revised 203,000 increase the prior month that was stronger than initially estimated, Labor Department figures showed in Washington.

Pimco, a unit of the Munich-based insurer Allianz SE, managed $1.94 trillion in assets as of March 31.