DOUBLELINE CEO JEFFREY GUNDLACH SAYS THERE WAS REAL PRESSURE ON INTEREST RATES THAT GOT RELIEVED IN OCTOBER BECAUSE OF REBALANCING, AND THAT HIS BASE CASE IS PROBABLY A RATE HIKE IN DECEMBER - CNBC INTERVIEW

DoubleLine Capital CEO Jeffrey Gundlach told CNBC that upward pressure on interest rates eased in October, a move he attributed largely to portfolio rebalancing rather than a change in underlying fundamentals, and that his base case now calls for a rate hike in December. The transmission mechanism here runs through the term premium and rate expectations: if rebalancing flows temporarily suppressed yields, the reversal of that technical support could push longer-dated Treasury yields higher as the market reprices the path of policy. Duration-sensitive assets, including long-dated Treasuries, investment-grade corporate bonds, and rate-sensitive equities such as utilities and real estate, are most exposed to a repricing of this kind, while the dollar could benefit if higher expected policy rates widen rate differentials against other major central banks. Traders should watch the upcoming monthly CPI and PCE inflation prints and the Federal Reserve's next policy statement, since either a hot inflation reading or hawkish guidance would test whether the market is pricing a December hike.

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