CNBC (via DoubleLine Capital), Released on 3/24/26 (Recorded on 3/23/26)

DoubleLine CEO Jeffrey Gundlach joins CNBC’s Scott Wapner for a wide-ranging discussion on the macroeconomic landscape, with a particular focus on credit markets, monetary policy and cross-asset positioning. Mr. Gundlach highlights a divergence between equity volatility and fixed income stress, emphasizing widening credit spreads across high yield, investment grade and emerging markets despite relatively muted signals from the Volatility Index. He underscores the relative resilience of securitized products such as asset-backed securities and commercial mortgage-backed securities, framing the current environment as a broader “reevaluation phase” with constrained return opportunities and elevated dispersion across asset classes. The conversation also delves into the Federal Reserve’s policy outlook and the structural risks in the private credit market. Mr. Gundlach challenges the prevailing market narrative around imminent rate cuts, pointing to persistent inflation pressures, a two-year U.S. Treasury yield above the federal funds rate and little disinflation progress. In regard to private credit, he raises concerns about liquidity mismatches and valuation opacity, drawing parallels to prior credit-cycle inflection points and noting rising default risk in lower-quality segments. Against this backdrop, Mr. Gundlach outlines a cautious investment stance, favoring selective exposure to commodities and gold alongside defensive fixed-income positioning while warning of stress that could continue to weigh on risk assets.

Jeffrey Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine Capital. He is recognized as an expert in bond and fixed income investments. His investment strategies have been featured in leading publications from around the world In 2013, he was named “Money Manager of the Year” by Institutional Investor. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

  economy, federal reserve, gold, interest rates, investing, Jeffrey Gundlach