March 21, 2019 / 8:38 PM / 3 months ago

DoubleLine's Jeffrey Gundlach calls Fed's 'reversal' on rates 'stunning'

March 21 (Reuters) - The Federal Reserve’s cautious stance on raising interest rates could backfire by creating uncertainty in the economy and hurt the U.S. central bank’s credibility, Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Thursday.

“This U-Turn - on nothing fundamentally changing - is unprecedented,” Gundlach said in a telephone interview. “Three months ago, we were on ‘autopilot’ with the balance sheet - and now the bond market is priced for a rate cut this year. The reversal in their stance is stunning.” (Reporting by Jennifer Ablan; Editing by Richard Chang)

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