DoubleLine CEO Jeffrey Gundlach on CNBC
- 'This is the year the Fed won', market pricing was wrong at the start of 2017
- It's the first time in a long time the Fed has been right
- It's clear the Fed is going to hike today
- Dollar moves correlate with Fed action 18 months out and there is a divergence with what the Fed is saying and what's priced in
- Volatility has been depressed by central bank policies
- Quantitative tightening will slow markets
- Draghi policies are unbelievable given growth
- Warns about 'unintended consequences' from tinkering with tax code, could cause defaults in junk bond market
- The US economy is doing better than it has in years
- It's bad timing for government stimulus now, economy is expanding
- Tax cut should be negative for bonds
- Not particularly worried about a rapid rise in inflation
- There are some signs of inflation picking up (cites the underlying inflation gauge from the NY Fed)
- Wage inflation is the missing piece of the puzzle but there are some indications
- 'Buy the rumor, sell the news' could be the story for tax bill
- Hedged US yields are worse than Germany or Japan
- The 10-year will rise to 3% but foreign buying could stop the climb
- Says commodities might be best idea of 2018
- Positive on TIPS
- Sees US dollar bouncing now and then taking another leg lower. Says emerging markets will benefit
- Says he continues to love India
- We're close to 'silly season' in Bitcoin, some nutty stuff is happening
- If you short Bitcoin, you're going to make money but you could lose it first
- If I were to buy at crypto currency, it would be Bitcoin
- I don't think cryptocurrencies are legit
Here is the NY Fed inflation gauge.