Watch the bond market and not the Fed for a steer on interest rates, billionaire investor Jeff Gundlach says
Investors should be watching the bond market rather than the Federal Reserve if they're trying to gauge where US interest rates will stand at the end of 2023, billionaire investor Jeff Gundlach has said.
"My 40-plus years of experience in finance strongly recommends that investors should look at what the market says over what the Fed says," Gundlach said in an investor webcast, perSan Francisco Fed President Mary Daly and Atlanta Fed President Raphael Bostic both said Monday they expect the US central bank to raise rates past 5% and hold them there to bring soaring prices under control.
The Fed's rate hikes weighed on stocks' performance last year, when the major US benchmark indexes all logged significant losses. A higher cost of borrowing eats into companies' future cash flows, which make up part of their overall valuation. . Investors are able to earn higher yields if they park their cash in savings accounts, and that makes fixed income assets less attractive.
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