Thomson Reuters
Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, speaks during the Sohn Investment Conference in New York
Every year its expectations from growth are "a triumph of hope over experience-like a second marriage," he said.
Basically as Gundlach spoke in New York City, Yellen was testifying before Congress saying that "economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy."
To that Gundlach says - too early. The economy simply isn't strong enough. If The Fed raises rates this year it risks sending the economy back into a recession. He cited examples form Denmark and Sweden, when central bankers moved too quickly.
"They raise rates because they think the coast is clear," he said. At first, rates rise slowly, but then they move fast. It's not something central bankers can control.
And then they have to raise rates again to keep their economies afloat.