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DoubleLine’s Gundlach believes US Fed unlikely to raise rates this year, still holds Puerto Rico bonds

Wednesday, July 08, 2015

Komfie Manalo, Opalesque Asia:

DoubleLine Capital’s CEO Jeffrey Gundlach said in a podcast on Tuesday that he still believes the U.S. Federal Reserve is unlikely to raise interest rates this year, given the Greece and Puerto Rico crises, and commodity selling fueled by China's market slump, according to Reuters.

He told Reuters in a separate interview: "China tanking off of its NASDAQ 1999-like frenzy is reverberating. Also, Greece leaving the euro is a much bigger deal than the cover-their-ears-and-hum perma-bull crowd wanted to perceive it to be.

"Copper had been giving the 'economic improvement' argument some legitimacy. But now it's at the low of the year and dropping like a stone," Gundlach added.

He also said that Greece’s likely exit from the euro currency group "opens Pandora’s box" by setting a precedent that makes membership porous, Bloomberg reported. Greece will exit the euro currency area in "slow motion," which should be positive in the short run for the currency since it removes an economic drag. But that would raise questions about whether other members of the bloc may eventually leave, he said. "There’s never one cockroach."

Gundlach, who is referred to as the new "King of Bond......................

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