Back-to-School on the Markets with Jeffrey Gundlach (DoubleLine) & Solita Marcelli (UBS)

Gundlach expects Fed rate hikes, not cuts, through 2026 while AI-bond credit spreads widen and equity valuations imply negative decade-ahead returns.

• Rates surging globally: 10-year Treasury yields hit ~5.15% (highest since 2007), 30-year near 2004 highs, and even Japan's yields are rising past 3% as JGB control weakens.
• AI credit stress emerging: AI-adjacent high-yield bonds have widened 150bps vs. stable non-AI credit; SpaceX's BBB- rating was rejected by markets, trading like single-B.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.