(Reuters) - The current leg of the bond market's rate rise is 80 percent over and the yield on the 10-year Treasury note cannot move above 2.35 percent by the end of the year, Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said Friday on CNBC.

Gundlach, who oversees more than $106 billion in assets at Los Angeles-based DoubleLine, said the Federal Reserve "absolutely" should raise interest rates in December, if they plan to ever move. "If the Fed doesn’t raise rates in December, they'll never raise rates again," he said.

(Reporting by Jennifer Ablan in New York; Editing by Jeffrey Benkoe)