DoubleLine Capital CEO Jeffrey Gundlach believes the recent bond sell-off is a “sign of more pain to come for Treasury bulls,” according to a Bloomberg article from earlier this month.

The rise in bond yields, the article says, coupled with a “Federal Reserve seemingly committed to raising interest rates a third time this year and speculation the European Central Bank could announce a tapering of bond purchases by the end of the year ” spells trouble for bonds going forward.

The narrowing yield curve is also fueling liquidation, the article says, adding that the spread between five- and 30-year yields is “hovering near 95 basis points, near the narrowest since 2007.”

The article quotes Peter Tchir, head of macro strategy at Brean Capital LLC: “People this year had been buying long-dated Treasuries and other sovereigns as the hedge to their equity portfolios and that’s why this unwind is so ugly. They are losing money on both the equity and debt side now, and are bailing out of their long-dated Treasuries.”