FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS/Brendan McDermid

(Reuters) - It is “a little late” to purchase U.S. Treasuries, which have been rallying recently, and “if Treasury rates are going to fall from here, something bad is happening,” Jeffrey Gundlach, chief executive of DoubleLine Capital, said in a telephone interview on Monday.

Gundlach said U.S. stock markets have not made progress for 18 months and that “everywhere you look, economic data is worse than it was last October.”