Worst phase of bond selloff is over: Pimco CIO

PIMCO CIO: Low global yields here to stay

Global bond yields will start to stabilize despite a selloff that has sent yields soaring in recent sessions, a bond expert said Tuesday.

The benchmark U.S. 10-year Treasury note yield hit a six-month high of 2.36 percent on Tuesday before reversing. Sovereign yields across Europe have broadly moved higher in recent weeks.

Despite those moves, the bond selloff's "worst phase" has likely ended and yields will show less volatility moving forward, said Scott Mather, chief investment officer of U.S. core strategies at Pimco.

"Undoubtedly, low global bond yields are here to stay," Mather said in a CNBC "Closing Bell" interview.

Scott Mather CIO of Pimco
Source: PIMCO

Mather pointed to a higher-than-expected supply of corporate debt and an "unusual" supply month in Europe as possible explanations for rising yields. He added that the "trend following community" may have shifted to a short bond outlook.

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Mather noted that European bond yields look to have "shot up too far" relative to increases in the rest of the world.

Moving forward, assets that benefit from U.S. dollar strength should thrive, Mather added. The greenback has dropped nearly 5 percent against a basket of global currencies in the last month, but Mather believes that trend will start to reverse.