It's that time of the month again where the "New Bond King" Jeff Gundlach, CEO of DoubleLine, sits down for his periodic open address to investors and the broader public, to discuss his latest views on the market and everything else.
As usual, we will present the full slideshow shortly after the presentation begins. Meanwhile, readers can sign up for the slideshow at the following link.
Gundlach starts off by talking about the "most coordinated global upturn in years"
... which for a while suggested that the Fed may not be the only bank to hike in 2017, but the ECB could join too although that speculation is now largely over.
The reason for the optimism was the dramatic surge in the Citigroup global inflation surprise index, although even that now appears to be fading.
Gundlach touches on the upcoming French elections where he says the odds of Le Pen are fading, although he does not think the tension is gone especially with French unemployment differentials to Germany continuing to rise.
More notable is the collapse in bond price of the recently issued 50Y French bonds which have lost a third of their value in 6 months.
The full presentation is below: