The US economy is barreling toward a serious recession, DoubleLine Capital's Jeffrey Sherman says.
Sherman predicts an embattled Fed will cut interest rates by a whole percentage point in response.
"A multitude of economic indicators we look at are flashing either warning or recessionary signals," Jeffrey Sherman told Bloomberg.
"The bond market is telling the Fed that they've overtightened and they will have to cut rates," Sherman said.
"I think one signal to watch now is the rising default rate within the loan market," Sherman noted.
Persons:
DoubleLine Capital's Jeffrey Sherman, Sherman, Jeffrey Gundlach, DoubleLine, Jeffrey Sherman, He's
Organizations:
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