DoubleLine Funds’ Jeffrey Gundlach just wrapped up his latest webcast for investors.
Titled “What Hath QE Wrought?”, Gundlach’s presentation examined what has happened in the markets and the economy since the Federal Reserve began its massive asset-purchase program, aka quantitative easing (QE).
The biggest beneficiaries seem to be the wealthy-class.
Gundlach doesn’t expected the unwinding of QE to go totally smoothly.
But if they’re are able to pull off the unwind, QE could go down as one of the great discoveries like the telegraph. [The first message sent out by Samuel Morse and his telegraph was “What hath God wrought.” Gundlach noted that the telegraph was a precursor to everything from newspapers to Twitter.]
For now, Gundlach expects rates to stay low with the 10-year Treasury yield getting down to around 2.5% this year. And when they do rise, how will they rise?
“First slowly, then quickly,” he said channelling Hemingway.
We’ll publish Gundlach’s full presentation shortly.
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