01/27/2026
In DoubleLine’s latest annual Just Markets webcast, “Clue,” CEO-CIO Jeffrey Gundlach frames his market outlook using the logic-based structure of the classic board game, focusing on identifying the who, where and what behind today’s economic and financial challenges. He argues that markets are providing clear signals – or “clues” – about the forces shaping the investment landscape, particularly U.S. fiscal policy, persistent budget deficits and rising government debt. The webcast opens with a detailed review of 2025 performance across equities, fixed income, currencies and commodities, setting the macroeconomic backdrop for 2026.
Mr. Gundlach examines U.S. Treasury yield curve dynamics and explains why long-term interest rates have remained elevated despite aggressive Federal Reserve rate cuts. He discusses Treasury market drawdowns, the impact of expanding government issuance and relative value across fixed income sectors. The analysis also addresses global monetary policy coordination, currency movements and growing risks embedded in the expanding private-credit market.
The webcast further explores valuation gaps between U.S. and non-U.S. equities, highlighting periods of global market outperformance and the role of currency translation. Mr. Gundlach outlines his views on gold, commodities and real assets as indicators of declining confidence in monetary policy and long-term purchasing power. These themes are tied together through the Clue framework, with market trends and policy outcomes presented as interconnected evidence pointing to structural shifts in the global financial system.
