Breaking News: Jeffrey Gundlach to CNBC's Scott Wapner: Liquidation Cycle Appears to Have Run Its Course
WHEN: TODAY, THURSDAY, JUNE 27TH
WHERE: CNBC'S "SQUAWK ON THE STREET"
Below is the unofficial transcript of breaking news from CNBC's Scott Wapner. All reference must be sourced to CNBC.
SCOTT WAPNER: ON A DAY WHEN THERE IS AN AWFUL LOT OF FED SPEAK AND THE FOCUS REMAINS SQUARELY ON INTEREST RATES, SOME COMMENTS FROM JEFFREY GUNDLACH TO ME JUST A SHORT TIME AGO THAT I WANTED TO SHARE WITH ALL OF YOU. HE, OF COURSE, THE CEO AS YOU LOOK THERE OF DOUBLELINE CAPITAL – 60 BILLION DOLLARS UNDER MANAGEMENT. MR. GUNDLACH TELLING ME – I'M GOING TO READ YOU THE DIRECT STATEMENTS HERE. "THE LIQUIDATION CYCLE APPEARS TO HAVE RUN ITS COURSE WITH EMERGING MARKET BONDS, US JUNK BONDS, MUNIS AND MBS ---ALL OF WHICH SUBSTANTIALLY UNDERPERFORMED TREASURIES DURING THE RATE RISE--- NOW RECOVERING SHARPLY," IN HIS WORDS. "THE 200 BASIS POINT YIELD RISE ON CERTAIN SECTORS BROUGHT ABSOLUTE YIELDS UP TO LEVELS HIGH ENOUGH TO CREATE A COMPELLING VALUE PROPOSITION. NOT SURPRISINGLY, INVESTORS HAVE BEEN DRAWN TO THESE VALUES LEADING TO INTEREST RATE STABILIZATION." AND FINALLY HIS LAST COMMENT WILL CERTAINLY BE FOCUSED ON – "JULY WILL NOT BE A REPEAT OF MAY/JUNE IN THE INTEREST RATE MARKET." THAT ACCORDING TO THE CEO OF DOUBLELINE JEFFREY GUNDLACH.
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