FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) – U.S. GDP growth appears to be based “exclusively” on government, corporate and mortgage debt, warns Jeffrey Gundlach, chief executive of DoubleLine Capital, in an investor webcast Tuesday.
“Nominal GDP growth over the past five years would have been negative if U.S. public debt had not increased,” said Gundlach, known as Wall Street’s Bond King.
Reporting by Jennifer Ablan; Editing by Lisa Shumaker