“In his annual “Just Markets” webcast presented Jan. 9, 2024, DoubleLine CEO Jeffrey Gundlach among other outlooks shares his forecast for a U.S. recession, sees U.S. stocks forming a bearish double top and down the road expects an initial rally in bonds upon recession followed by an inflationary monetary response. He also warns of federal deficits turning critical amid an explosion in the federal debt in the context of higher interest rates and, thus, higher interest expense on that debt. Mr. Gundlach begins the webcast with a review of markets in 2023, which witnessed broad rallies across equities and fixed income, especially credit, while commodities, with the exception of gold and copper, remained weak and the dollar closed down. He then turns to the forward-looking parts of his presentation, titled “Rough Enough,” “Tough Enough,” “Rich Enough” and “Not Too Blind to See,” lyrics from “Beast of Burden,” one of his favorite Rolling Stones songs….”

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