The 50-basis point run-up in 10-year Treasury yields over the last six weeks has made the securities more attractive — attractive enough that Bill Gross, manager of Pimco's Total Return Fund, is buying them.

The 10-year yield stood at 2.22 percent late Tuesday morning, up from 1.66 percent May 2.

"Where we are now ... is a much better situation than where we were then," Gross told Yahoo. "Should investors panic? I don't think so."

Declassified: ‘Financial War’ Could Wipe Out 50% of Your Wealth

Investors must realize that they are being "repressed — that what they're getting for their money isn't what they should be getting," Gross said.

"That doesn't mean they should go home and put it in their mattresses. But they should realize that the next few years, and perhaps the next few decades, will be a low return world."

Investors in the Total Return Fund should "get used to returns of 2.5 to 3 percent as opposed to 10 to 15 percent," he noted.

All asset markets carry more risk than they did before central bank easing pushed them to such dizzying peaks, Gross asserted. "Never have investors reached so high for so little return and stooped so low for so much risk."

Gross isn't the only one buying Treasurys. The 10-year yield's surge to a 14-month high of 2.29 percent Tuesday has attracted investors' interest.

"This large selloff in the bond market has provided people with the opportunity to get into long bonds, and they're taking it," Charles Comiskey, head of Treasury trading at Bank of Nova Scotia in New York, told Bloomberg.

Declassified: ‘Financial War’ Could Wipe Out 50% of Your Wealth