Howard Gold’s No-Nonsense Investing: Bond guru who called interest rate top in 2018 now says yields could fall further

Last year when the economy was booming, the Federal Reserve raised short-term interest rates and the yield on the benchmark 10-year Treasury note topped 3% with seemingly nowhere to go but up.

Bill Gross, the one-time bond king, tweeted that a bear market in bonds had been confirmed. Jeff Gundlach of DoubleLine Capital, the new bond king, said 10-year yields TMUBMUSD10Y, -1.06% were “right on track” to hit 6% by 2020 or 2021. Some journalists proclaimed the end of an era of low inflation and low rates.

Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, saw things differently.

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