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Gundlach: Fed would not raise rates today

Jeffrey Gundlach, the widely followed investor who runs DoubleLine Capital, warned Friday the crumbling credit markets could expose more fund debacles such as Third Avenue Management's junk bond fund and that the Federal Reserve should take note of deteriorating financial conditions.

"I'd have to believe that if they met today that they wouldn't raise rates. Now maybe things will get better," ahead of next week's Fed meeting, Gundlach told Reuters in a telephone interview. "I mean, Wow. Look at the chart of JNK (The SPDR Barclays High Yield Bond ETF). It's accelerating to the downside."