Bond rates generally rise when growth is rising, causing inflation expectations to pick up and investors to demand a higher rate of return to compensate. In slide 9 of his presentation, which you can see below, Mr. Gundlach shows that in fact the opposite is happening. After the initial uptick after the financial crisis, global GDP growth has been in a steady downward trend.
http://www.learnbonds.com/jeff-gundlach-what-in-the-world-is-going-on-presentation/?source=Patrick.net
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