Bond yields just hit the level that Bill Gross said would signify a bear market

Early in the year, bond guru Bill Gross warned clients that if the 10-year Treasury yield jumped past 2.6 percent, bad things for the fixed income market would follow.

“I don’t think it tips us into a bond recession,” said Jay Schechter, partner and senior advisor at Singer Xenos Wealth Management. “I just think it’s a normal process based on where yields have been and have been and where they’re going.”

Schechter said he is more likely to follow the guidance of DoubleLine’s Jeffrey Gundlach “more than we would Bill Gross.” Gundlach has said he expects the 10-year yield ultimately will drift below 2.25 percent before rising again perhaps to 3 percent before the end of the year. He expects much higher yields in subsequent years

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