Economic guru Jim Paulsen warns that the return of relative calm and continued march higher won’t last forever.

Paulsen told CNBC that he fears a possible 15 percent correction later this year.

Paulsen, chief investment strategist at The Leuthold Group, warns the yield on the 10-year Treasury will likely continue to move higher and advance surpass 3 percent, renewing anxieties in the stock market.

The 10-year yield slid from four-year highs, trading around 2.86 percent Friday, CNBC reported.

"I think there's going to be more turbulence at some point this year," Paulsen told CNBC’s "Squawk Box." "I don't think we're going to have a permanent collapse of the stock market. I think we could have a 15 percent correction," he said.

A "correction" is commonly defined as a temporary drop of at least 10 percent adjust for an overvaluation.

Other experts have also warned about more looming market volatility.

Wall Street has reportedly ended an “era of tranquility” and have plunged into an age of instability amid the recent selloff.