Jeffrey Gundlach: Big Shifts Ahead in Markets and Policy | UBS Market Moves

In this episode of the UBS Market Moves Podcast, host Dan Cassidy welcomes DoubleLine CEO-CIO and founder Jeffrey Gundlach for the highly anticipated annual “Back to School on the Markets” conversation. The discussion explores U.S. trade policy, Federal Reserve monetary decisions, inflation dynamics and the evolving interest-rate environment. Mr. Gundlach outlines the implications of tariffs on consumer prices, the Fed’s challenge of balancing inflation with employment, and the shifting relationship between U.S. Treasury yields and policy rates. He also examines the fiscal outlook, rising interest expense, and the risks and opportunities across the Treasury yield curve.

The dialogue extends into global markets, including the relative strength of non-U.S. equities, opportunities in emerging markets debt and impact of currency translation on returns. Mr. Gundlach highlights mortgage-backed securities, investment grade corporates and mid-duration Treasuries as areas of focus, while cautioning on long-term bonds. Additional themes include housing affordability pressures; the potential role of government intervention in mortgage rates; and the influence of artificial intelligence on economic activity, employment and valuations.