Falling U.S. bond prices are sending a signal that a recession could finally be around the corner as they push Treasury yields to their highest levels in 16 years, said DoubleLine Capital founder Jeff Gundlach. The Friday’s September jobs report could be the next clue that a recession may be imminent.

In a post on the social-media platform X from Tuesday evening, Gundlach warned that the rapid normalization of the Treasury yield curve — a measure of the premium that investors receive from investing in long-term and ultra-long-term bonds — is a sign that a U.S. recession, for which investors have been bracing since last year, might finally be around the corner.

“The US Treasury yield curve is de-inverting very rapidly. Was at -108 bp a few months ago. Now at -35 bp. Should put everyone on recession warning, not just recession watch. If the unemployment rate ticks up just a couple of tenths, it will be recession alert. Buckle up,” Gundlach said in a tweet.

It’s worth noting, however, that recessions often follow inversions with a lag, though bond-market experts have observed in the past that when the yield curve starts to normalize following a period of inversion, it has in the past signaled that the countdown to recession is almost over.