Reviewing his boner of a call that Treasury rates had topped out about 70 basis points ago, Gundlach says he never thought the Fed would walk away from QE. Instead the Fed has chosen to do just that in favor of what Gundlach calls a "seat of the pants policy" that he feels is a big mistake.
The total return loss in bonds during this selloff is nearly identical 1993/94 carnage, he notes. While not expecting a fast rally in bond prices, Gundlach does feel the selling is about done.
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