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Jeffrey Gundlach

CEO & Founder, Doubleline Capital

Search every verified Jeffrey Gundlach interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Jeffrey Gundlach, CEO and CIO of DoubleLine Capital, has recently appeared on multiple financial media platforms and webcasts to discuss his views on markets and the economy. He has stated that he is experiencing a period of heightened uncertainty and has compared the current equity market to a hollow tree that appears healthy until a branch falls off. Gundlach has noted that while cap-weighted indices are near their highs, a large percentage of stocks are in a correction. He has also expressed skepticism about the bond market, stating he does not trust long-term U.S. government bonds and would require a 30-year Treasury yield of around 6% to buy them, citing his belief that inflation is running higher than official figures suggest. Gundlach has been critical of the Federal Reserve's recent policy actions, stating he would have dissented from a 25 basis point rate hike in favor of a 50 basis point increase, which he called "stun and done." He has also discussed concerns about the private credit market, arguing that reported default rates understate the real picture because they exclude payment-in-kind (PIK) loans, a practice he described as "the most insidious thing you could possibly imagine." Gundlach has warned about the potential for fallout in AI-related credit and equities, stating he wants to be out of the "epicenter" of the AI trade. He has recommended equal-weighted equities over cap-weighted indices and expressed a preference for local currency emerging market bonds and gold.

Recent appearances

  • Jeffrey Gundlach with Dave Rosenberg: The Hollow Tree

    October 09, 2026 · 📺 DoubleLine Capital

    DoubleLine CEO and CIO Jeffrey Gundlach joins David Rosenberg for a live conversation on the yield melt-up in the bond market. Gundlach compares today’s equity market to the 100-year-old silver maple tree at his house in Buffalo, which looked healthy until a giant limb fell off and the tree turned out to be hollow. “You’ve got to wait for the branch to fall off to figure out that the market’s hollow, just like the tree was hollow.” Cap-weighted indices near their highs hide the fact that most stocks are already in a correction, and AI-related credit has widened sharply while the rest of the ma…

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  • Jeffrey Gundlach: The Fed’s Waterbed Problem | UBS On-Air

    October 06, 2026 · 📺 DoubleLine Capital

    In UBS’s annual Back-to-School on the Markets conversation, DoubleLine CEO-CIO Jeffrey Gundlach joins UBS’s Solita Marcelli the day after a sharp global bond sell-off. Mr. Gundlach sees yields rising across the developed world, even in Japan, driven by relentless issuance from growing deficits and a wave of AI-related borrowing. Credit is starting to tier as a result, with bonds from some AI issuers trading like junk despite their investment grade ratings. With the Shiller CAPE® ratio near an all-time high, Mr. Gundlach has turned defensive on valuation and prefers equal-weighted to cap-weight…

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  • Gundlach: Rates, Risk and the Road Ahead

    September 30, 2026 · 📺 DoubleLine Capital

    In this highlight video from DoubleLine’s September client event at the Plaza Hotel in New York, CEO-CIO Jeffrey Gundlach joins Deputy CIO Jeffrey Sherman for a wide-ranging look at bonds, credit and markets. Mr. Gundlach argues that many of the relationships that investors relied on for decades have stopped working, a new world he calls “backward land.” The clearest consequence is a view that runs against conventional wisdom: “In the next recession, long term rates will go up” as a downturn pushes the deficit toward 12% of GDP and interest expense toward $3 trillion a year. With the governmen…

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  • Gundlach: How Private Credit Hides Its Losses

    September 28, 2026 · 📺 DoubleLine Capital

    At DoubleLine’s September client event at the Plaza Hotel in New York, CEO-CIO Jeffrey Gundlach and Deputy CIO Jeffrey Sherman discuss the private credit market and the outlook for real markdowns. Mr. Gundlach argues the reported 6.3% default rate understates the real picture because it excludes payment-in-kind (PIK) loans, a mechanic he calls “the most insidious thing you could possibly imagine,” where a missed interest payment gets added to the loan’s principal and reported right back as a performing asset.

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  • Jeffrey Gundlach: We've Crossed to the Hard Side of the Street

    September 16, 2026 · 📺 The Julia La Roche Show

    Legendary bond investor Jeffrey Gundlach, founder and CEO of DoubleLine Capital, returns to The Julia La Roche Show. He warns that the market has "crossed over to the hard side of the street." With the Shiller CAPE above 42, he says history points to negative real returns for the next decade. Cracks are already showing in AI-related credit, where junk bonds and bank loans have widened sharply while the rest of high yield holds up. Gundlach says he now wants out of the AI "epicenter" entirely. He walks through his current portfolio: equal-weight equities, a barbell of high-quality bonds and loc…

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  • Jeffrey Gundlach: Fed Needed ‘Stun and Done’ Hike of 50 bps

    September 16, 2026 · 📺 DoubleLine Capital

    DoubleLine CEO-CIO Jeffrey Gundlach joins CNBC following Federal Reserve Chairman Kevin Warsh’s Federal Open Market Committee (FOMC) press conference, calling the FOMC’s hike of 25 basis points (bps) a case of too little, too late. Mr. Gundlach says he would have dissented in favor of 50 bps, what he dubs “stun and done,” pointing to sustained inflation metrics. He’s skeptical of the Fed’s new subcommittees, comparing them to a struggling business hiring consultants who “always want to figure out what the people at the company really want to hear” rather than deliver hard truths. He also draws…

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  • Gundlach Unlocked: The Fed’s Next Move

    September 10, 2026 · 📺 DoubleLine Capital

    DoubleLine CEO-CIO Jeffrey Gundlach’s latest Gundlach Unlocked webcast reviews the macroeconomic landscape heading into next week’s Federal Open Market Committee meeting. Mr. Gundlach remains skeptical that the Federal Reserve will hike rates despite the market pricing a real probability of one, and he warns that a hold could push long-term rates meaningfully higher given persistent inflation pressure. Mr. Gundlach also flags a growing divergence in credit markets, with spreads on AI-related corporate bonds widening sharply even as the broader market holds near its tights for the year. On inf…

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  • Jeffrey Gundlach on Channel 11: So Much Said, So Little Heard

    August 03, 2026 · 📺 DoubleLine Capital

    DoubleLine Portfolio Manager Ken Shinoda welcomes firm CEO-CIO Jeffrey Gundlach for a special edition of Channel 11, recorded the morning after Federal Reserve Chairman Kevin Warsh’s second FOMC press conference, which Mr. Gundlach does not mince words about. Citing CNBC’s Steve Liesman, he calls it a case of “so much said, so little heard,” pointing to the 2s30s U.S. Treasury yield curve move from negative 108 basis points (bps) to positive 100 bps as proof the long end is punishing the Fed for talking tough on 2% inflation without acting on it. Mr. Gundlach believes a September hike is now a…

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  • Jeffrey Gundlach: Fed has to raise interest rates if it wants to get inflation to 2%

    July 30, 2026 · 📺 WillowVC

    www.willowvc.net.

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  • Jeffrey Gundlach on the Fed: Talk Is Cheap | CNBC

    July 29, 2026 · 📺 DoubleLine Capital

    DoubleLine CEO-CIO Jeffrey Gundlach joins CNBC's Scott Wapner following Federal Reserve Chairman Kevin Warsh's second ...

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  • I am optimistic Warsh will be 'BETTER' Fed chair than Powell: DoubleLine Capital CEO

    July 21, 2026 · 📺 Fox Business Clips

    DoubleLine Capital founder, CEO and CIO Jeffrey Gundlach discusses the future of the Federal Reserve under new Chair Kevin Warsh on 'Making Money.' #fox #media #breakingnews #us #usa #new #news #breaking #foxbusiness #makingmoney #federalreserve #fed #interestrates #economy #finance #markets #investing #stocks #kevinwarsh #warsh #jeromepowell #powell #donaldtrump #trump #inflation #banking #business #money Subscribe to Fox Business: https://bit.ly/2D9Cdse Watch more Fox Business Video: https://video.foxbusiness.com Watch Fox Business Network Live: http://www.foxnewsgo.com/ FOX Business Netw…

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  • Jeffrey Gundlach: Hope Is a Poor Investment Strategy | Fox Business

    July 21, 2026 · 📺 DoubleLine Capital

    DoubleLine CEO-CIO Jeffrey Gundlach joins Fox Business’ Making Money With Charles Payne to sound the alarm on private credit, drawing a direct parallel to the mortgage market alchemy of the mid-2000s. He points to a prominent fund that marked its loan portfolio down from 100 to 81 overnight as a sign something is off, and Mr. Gundlach returns to his Wild West analogy to describe how a flood of fast money into a previously stable market inevitably attracts trouble alongside legitimate players. On the Fed, he is cautiously optimistic about Fed Chairman Kevin Warsh, seeing his new task forces a…

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Verified interview transcripts

Notable quotes

“I also found it interesting in the news this week that Scott Bessant, the Secretary of the Treasury in the United States, went out and hired an old Wall Street guy to be a consultant or I can't remember what the word is, but some sort of an advisor on how to deal with higher interest rates and how to manage the buyback of long-term treasuries, which is starting to get into the area that I've been talking about for pr”

“I came up with an analogy last night. I don't know where it came from, but I've got a house in Buffalo. That's why it's easy for me to come up here just for a day type of a trip. And my house in Buffalo, there's a silver maple tree. And the house was built in 1911. So, the silver maple tree is over a hundred years old. And I loved looking at the silver maple tree. It looked very healthy, had a lot of leaves on it, pr”

“I think the problem with the dollar is that when and if, I guess I should say not if but when, the United States goes into a recession, I think the dollar is going to have severe weakness. I don't think it's going to be a flight to quality asset at all. The dollar I think is going to go down on deficit problems. The deficit is already running at about $2 trillion a year. We're running a deficit when the economy is su”

“Well, it's a global move to start with. We have rates rising all across the developed world with the exception of Switzerland. Rates are rising even in Japan. One of the things that's really driving all of this is just the supply of bonds. There's this huge amount of issuance that's going on because the budget deficit just keeps growing and there's no end in sight. And then we've got all this AI and AI adjacent issua”

“There's one way that they could get it back down. You could cut it by 75% the interest expense just by cutting everybody's coupon. So that you get the average Treasury debt right now is about 4% coupon. You could just say every Treasury bond that is a coupon above one, your your coupon is now one. And every every bond, there's not very many of them, but uh that have a coupon below one, you you get to you get to keep ”

“I fundamentally continue to believe that given regular supply and demand pricing treasuries, the hit path of least resistance for long-term treasuries is up. However, as we've gone from virtually 70 basis points back six years ago to what was about five and a third or five and 535 yesterday, we're getting to the point where it's quite obvious that the government is getting uncomfortable with the level of rates. This ”

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