The jump in U.S. interest rates during May and June took a toll on bond market luminaries such as Bill Gross, Jeffrey Gundlach and Dan Fuss.

Their funds slid in the second quarter, as the 10-year Treasury yield soared 82 basis points to 2.52 percent, The Wall Street Journal reports.

"The selloff has been rather unhinged, frenzied at times,'' Christopher Sullivan, chief investment officer at the United Nations Federal Credit Union, told the paper.

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Gross's $268 billion Pimco Total Return fund registered its largest-ever quarterly loss in the period -- 3.6 percent, according to Lipper. That's far worse than the 2.3 percent skid for the Barclays U.S. Aggregate Bond Index in the first quarter.

Gundlach's $38.1 billion DoubleLine Total Return Fund also posted a decline, though at 1.6 percent the loss wasn't as severe as that of the Barclays Index.

As for Fuss, his $21.7 billion Loomis Sayles Bond Fund slipped 1.4 percent, beating the 2.5 percent loss on its benchmark Barclays U.S. Government/Credit Index, according to Lipper.

Bonds have endured substantial volatility so far this month, with the 10-year Treasury yield hitting an almost-three-year high of 2.75 percent Monday, before slipping to 2.58 percent Friday.

The turbulence has come amid uncertainty over when the Federal Reserve will begin to taper its quantitative easing.

Joel Naroff, chief economist of Naroff Economic Advisors offered this advice to investors in an interview with Newsmax TV: "What they've got to do is really focus on where the economy is, because where the economy is, and where it's going is ultimately, is going to determine what the Fed does, rather than what they happen to say at any particular press conference or speech."

Editor’s Note: Put the World’s Top Financial Minds to Work for You