Jeffrey Gundlach: Surreal

DoubleLine CEO Jeffrey Gundlach explores the increasingly surreal disconnect in markets, policy and economic data. Drawing inspiration from surrealist art, Mr. Gundlach highlights how traditional relationships – like those among interest rates, inflation and U.S. dollar – are breaking down. He discusses the Federal Reserve’s uncertain policy path, the flattening of inflation progress and why long-term U.S. Treasury bonds remain under pressure despite economic softness. With volatility rising and recession signals flashing, Mr. Gundlach warns that the old playbook might no longer apply. 00:00 – Intro & Inflation Watch 01:13 – Surrealism & Market Disruptions 02:10 – Fed Policy vs. Treasury Yields 04:31 – Bond Market Volatility & Drawdowns 08:41 – Credit Spreads & Recession Signals 13:07 – Labor Market Trends & Yield Curve 17:10 – Inflation Metrics & Outlook 20:59 – U.S. Dollar Weakness & Global Impact 26:04 – Budget Deficit: A Surreal Disconnect 37:10 – Global Equity Strategy: Go Ex-U.S.