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The S&P 500 Index is expected to drop to 3,000, or about 20% to 25% below
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Where it currently stands, according to billionaire investor Jeff Gundlach.
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Gundlach said in a CNBC interview that "The action of the credit market is
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consistent with economic weakness and stock market trouble."
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Despite anticipating a 75 bps rate increase at the Fed's meeting next week,
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Gundlach said, "I think you have to start becoming more bearish."
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Gundlach said on the business network, "I would do 25 basis points."
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The hotter than anticipated Consumer Price Index report data that Wall Street received
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Tuesday morning, Nomura suggested a 100-basis point rate hike in September and a higher terminal rate.
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Gundlach advises buyers to purchase long-term treasuries.
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