Last year, Gundlach correctly predicted that U.S. Treasury yields would fall, not rise as many had forecast, because inflationary pressures were non-existent and technical factors, including aging demographics, were at play.

In an interview this week, Gundlach said he did not like interest rates being so low.

"I like the 3 percent 10-year; I'd like a 4 percent 10-year," he said. "I don't think we are going to get there anytime soon. It'd be nice if yields were higher."

The yield on the benchmark 10-year Treasury note trades around 2.12 percent.

Gundlach said this has been a pretty unremarkable market for fixed-income investors.

"It's just not a lot of fun," Gundlach said. "It's fun when you buy something where you feel like, 'You know what, I am getting 14 percent on this thing, and I will probably make a 20 percent gain.'"

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