Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Tuesday that short-maturity U.S. Treasuries “look as good” relative to stocks and long-maturing bonds than they have in a long time.

Gundlach, known as Wall Street’s Bond King, said the tariff threat pulls U.S. economic growth forward, as reflected in second quarter gross domestic product, but “growth moving ahead will be incrementally weaker.”

There should also be higher measured inflation as a result of any tariff implementation, Gundlach said. That should mean a steeper Treasury yield curve, though not necessarily in the near term, he added.

Gundlach, who oversees $121 billion in assets under management, said he likes front-pay RMBS (residential mortgage-backed securities) and floating rate CMBS (commercial mortgage-backed securities).

“There’s almost no risk and higher yield than the long bond and about double the dividend yield of the SPX,” said Gundlach, referring to the SPDR S&P 500 ETF (SPY.P).