The Tell: Gundlach’s talk of a surprise Fed tightening set the stage for a stock, bond-market rout

Don’t blame DoubleLine’s Jeff Gundlach for causing the stock market to tumble the most since the aftermath of the U.K.’s decision to break from the European Union, which roiled global markets in late June.

The star fixed-income money manager didn’t spark Friday’s rout, but he may have brought investors closer to the precipice by suggesting the Federal Reserve could stun Wall Street by hiking rates unexpectedly, dialing up rates even as fed-fund futures—a measure of rate-hike expectations—have implied that an increase of benchmark interest rates is far from a sure thing.

Read: Does the S&P 500 need to drop before it can pop?

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