- Jeffrey Gundlach, the CEO and chief investment officer of DoubleLine Capital, isn’t buying the Federal Reserve’s explanation of why rates spiked in the repo market.
- Gundlach thinks a lack of liquidity and demand is responsible for the rate spike — not the confluence of tax payments and mismatches between Treasury bill maturity and issuance, which has previously been identified as a cause.
- He says the repo market is “out of control” and a “problem.”
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There’s no denying that the Federal Reserve has been at the forefront of investor attention in 2019.
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