Investment star Jeff Gundlach, CEO of DoubleLine Capital, doesn't see much movement in bonds for the rest of 2014, with the Federal Reserve unlikely to raise interest rates anytime soon.

He predicted in June that the 10-year Treasury yield would trade between 2.2 percent and 2.8 percent for the remainder of the year. The yield stood at 2.53 percent early Wednesday.

"I think bonds are going to remain fairly stable this year," Gundlach told CNBC.

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Those who believe Fed Chair Janet Yellen is signaling an aggressive posture on raising interest rates have it wrong, he said. "I don't really hear Janet Yellen saying that. I hear a lot of her associates saying that," Gundlach explained.

"She seems to be more concocting excuses why not to raise interest rates anytime soon. I don't think Janet Yellen wants to raise interest rates, and I don't think there much of a reason to raise interest rates."

Economic growth isn't strong enough to justify hiking rates, Gundlach stated, noting that the economy grew at an average rate of only 1 percent in the first half of the year.

"The GDP growth today is actually no different than it was in 2012. In 2012 nobody was talking about the economy being too strong; that interest rates needed to rise," he noted.

"In September 2012 is when we embarked on QE3 [the third round of quantitative easing]. . . . I mean if the economy was too weak in 2012 to raise rates and needed stimulus support, why is lower GDP today needing higher interest rates."

As for the central bank, a new report from two researchers at the San Francisco Fed
states that "surveys, market expectations and model estimates show that the public seems to expect a more accommodative policy than Federal Open Market Committee participants."

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