scorecardThese charts have Jeff Gundlach pleading, 'DAMMIT, JANET! DON'T RAISE RATES!'
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  3. These charts have Jeff Gundlach pleading, 'DAMMIT, JANET! DON'T RAISE RATES!'

These charts have Jeff Gundlach pleading, 'DAMMIT, JANET! DON'T RAISE RATES!'

"Dammit, Janet!" is a reference to The Rocky Horror Picture Show.

These charts have Jeff Gundlach pleading, 'DAMMIT, JANET! DON'T RAISE RATES!'

The futures market is putting a 30% probability that the Fed hikes rates on September 17. In other words, the market would be surprised by a rate hike.

The futures market is putting a 30% probability that the Fed hikes rates on September 17. In other words, the market would be surprised by a rate hike.

And that probability has been falling all year.

And that probability has been falling all year.

The nominal GDP growth rate is actually lower today than it was in September 2012 when the Fed's monetary policy was even looser.

The nominal GDP growth rate is actually lower today than it was in September 2012 when the Fed

The Atlanta Fed's GDPNow model tells us growth has decelerated to a 1.5% rate.

The Atlanta Fed

Fed usually tightens monetary policy when nominal GDP growth is above 4%. We're at 3.3% right now.

Fed usually tightens monetary policy when nominal GDP growth is above 4%. We

Commodity prices are tumbling, putting the economy at risk of deflation.

Commodity prices are tumbling, putting the economy at risk of deflation.

Junk bonds are getting slammed, and they'll be in more trouble when rates rise.

Junk bonds are getting slammed, and they

Emerging markets are getting slammed.

Emerging markets are getting slammed.

Core PCE — the Fed's preferred measure of inflation — is tumbling.

Core PCE — the Fed

Core CPI may be higher, but not by much.

Core CPI may be higher, but not by much.

Here's a look at how CPI and PCE differ as measures of inflation.

Here

Oil, which is weighted more heavily in CPI, has been tanking.

Oil, which is weighted more heavily in CPI, has been tanking.

Meanwhile, oil production remains elevated. This provides no relief to prices.

Meanwhile, oil production remains elevated. This provides no relief to prices.

Oil supply is outpacing oil demand, which is bad for prices.

Oil supply is outpacing oil demand, which is bad for prices.

Expectations for inflation are deteriorating.

Expectations for inflation are deteriorating.

Wage growth is pathetic.

Wage growth is pathetic.

Employee cost growth is basically going nowhere.

Employee cost growth is basically going nowhere.

The dollar has been getting much stronger.

The dollar has been getting much stronger.

Prices of traded goods are in deflation.

Prices of traded goods are in deflation.

US manufacturing purchasing managers are saying that growth is slowing.

US manufacturing purchasing managers are saying that growth is slowing.

US labor market conditions are actually deteriorating right now.

US labor market conditions are actually deteriorating right now.

Financial market conditions are worsening.

Financial market conditions are worsening.

Multiple measures confirm that market conditions getting worse.

Multiple measures confirm that market conditions getting worse.

Sales are in outright decline.

Sales are in outright decline.

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