The Federal Reserve should cut rates 75 basis points next week and another 75 bp the month thereafter to head off further U.S. economic weakness and global risks, PIMCO's Bill Gross said Wednesday afternoon. Asked about the sharp downturn in U.S. equity prices -- the Dow Jones industrial average fell 317.34 points to 9973.46 Wednesday -- on CNBC television, the Pacific Investment Management Company managing director said he sees the situation as a bit overdone.