The Bond King has some thoughts on what he's seeing, and predictably they're predicated around the notion that everyone is so much dumber than Jeff Gundlach.
J-Gundz went on CNBC around lunchtime and said this about the market response to a potential trade war with China:
"It's not a positive. I mean it is really interesting when I was in elementary school and high school we talked about the Great Depression ... [What] my teachers told me was that the Great Depression was caused by the Federal Reserve raising interest rates prematurely in a not so strong economy and also the Smoot–Hawley Tariff Act."
And after terrifying everyone who isn't Bill Gross (since Bill shoves cotton in his ears whenever Jeff talks) about how today looks fundamentally like what things looked like right before we were introduced to the concept of bread lines, The Gundzonator said this:
"So here we are. We are raising interest rates late in the cycle," he said. "Laid on top of that quantitative tightening ... on top of that we're now talking about tariffs, so one can put together a scenario that we're stumbling our way into a policy mistake."
Grade school Jeff Gundlach knew more about economics than Peter Navarro?
Yup, we buy it.