The DoubleLine Capital CEO said Tuesday that it looks increasingly likely the U.S. will tip into a recession.
DoubleLine Capital CEO Jeffrey Gundlach said Tuesday that it looks increasingly likely the U.S. will tip into a recession. The noted fixed income investor, whose firm managed $92 billion at the end of 2022, pointed to the U.S. leading the index of 10 economic indicators from the Conference Board, saying it looks "absolutely full on recessionary.
The yield-curve inversion has been a reliable recession predictor and signs of a reversal could be indicative of an imminent economic downturn. Meanwhile, Gundlach said ISM supplier delivery delays are near their lowest levels in 30 years, showing greater supply than demand, which further indicates a weak economy. The labor market has held up well, however, with nonfarm payrolls increasing 339,000 in May even with a 0.3 percentage point increase in the unemployment rate to 3.7%.
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