but as you said, jeff gundlach did hold back on his latest presentation saying central banks are losingrol and compared them to the republican establishment and donald trump. he said the fed is confused and confusion is spilling into consumer spending. gundlach sees it as a buying opportunity. on brexit, he said a leave vote on the british referendum would have a ripple effect in the eurozone. some strong words across the board. as you said, louisa, in terms of broader markets we're getting a bit of a bounceback from a three-day selloff related to brexit fears than to any expectations of dovishness or hawkishness of the fed. the s&p down by about 5 points. yesterday, we were just below flat, highlighting in fact the resilience of u.s. equities compared to what we've seen from international equities in recent days. louisa. >> wilfred, thank you. good to see you. >>> tim spies is standing by as well. he's chairman and joins us from new york. tim, good to see you. we just heard how the doubleline capital ceo jeff gundlach is basically very much against the fed saying you're losing control.

he is going to have jeff gundlach on and even is looking at him as a seasoned trader running a big fundoing to be talking about credibility, and loss of credibility, and i am wondering what exactly does a loss of credibility look like? i think that we have been living through it a little bit, but it is hard, you know, the boiling frog analogy to understand it as you are going through it, but as we are more through it and look ing in the rear-view mirror, we will get it. let's put together some is of the piece, shall we? programs and policies, and believe me, i'm not saying that there are any easy answers. ira and i years ago talked about the experimentation of the policies of the central bank, and ira used the word they put us on mars, and they put us on the spot. and now the question is how to get back, and the fact is that exit is not easy, and lot of this was dumped on janet yellen and the committee's lap, but the fact is that we have seen change. and diminishing returns when you dig into the policy does not end well no matter where it emanates from, and in this case, the central ban

what is the jeff gundlach is saying.t you yourself told us a short while ago. >> yeah big changes here. worth note dprg all investors out there. first of all they didn't hike. they left rates unchanged. siting uncertainty out there in the economic outlook. down grate grade the labor market. also saying brexit played a factor. but the big story coming in the longer term outlook for rates. you can see interest this chart that they downgraded the outlook for 2017, 2018 and the longer run. first of all an 16 they didn't downgrade but six fed members now see just one hike this year. that is up from just one before. and look how fed rates were slashed in 2018. and i asked why this happened? what happened in just the past three months from the last time the fed put out its projections and she talked about the idea that the head winds we're facing in the economy are creating a sense that longer term rates need to be low. here is what she said. >> i think what you see is a downward shift in assessment over time the sense that may

so i think jeff gundlach who i respect has to say you know what? i have to adopt a different or diplomatic attitude. maybe i should be saying i don't think that they are -- maybe they're ill-advised. you switch to terminology so you don't feel like the reaction is well, holy cow, i'm a tabloid financial manager, i'm not a times financial manager, so i suggest that he adopt a more statesman like attitude towards his speech. >> okay. we'll see. >> not that i'm the dalai lama, the dalai lama has gained the last two books very good. very positive about happiness. >> let's see if jeff takes that into consideration. your theme this week has been the fear and the fundamentals are at a miss match. >> bernstein comes out with a note and says banks should be down 40%. that down 40%, we've seen that in our country during crashes and we know that it can happen. does it make sense to say that? look, if you think there is going to be someone who is about to have a cigarette in a crowded theater, you might want to yell fire but it is really about a cigarette. i d

. >> jason, do you think this gives them more credibility as jeff gundlach suggests? it's clearly admitting by the fed officials they've gotten the economy wrong at this point. >> i don't know if it's admission or credibility issue. i think the reality of the situation that they're facing is we're dealing with a very slow growth economy, border line on being able to absorb a lot of interest rate increases. on near term basis, we have a couple of things piling on in terms of risks, brexit obviously being one of them. but the primary real issue is growth has been slow since this recovery started. the expansion has been slow. even though we got hit really hard at the start, and that slow growth nature does not allow for rates to rise a lot. i still think they're going to be raising gradually. i don't know if i agree with the no interest rate increases whatsoever for three years thought process. but the path is going to be very low and slight. >> rick, the market implications, we may have actually seen the bottom in treasury yields. he said with the federal reserve on hol

. >>> jeff gundlach's warning to investors.decision and economic outlook starts here on cnbc at 2:00 p.m. eastern time. "squawk box" will be right back. ♪ my mom loves giving me advice. she even gives me advice... ...about my toothpaste and mouthwash. but she's a dentist so...i kind of have to listen. she said "jen, go pro with crest pro-health advanced." advance to healthier gums... ...and stronger teeth from day one. using crest toothpaste and mouthwash makes my... ...whole mouth feel awesome. and my teeth are stronger too. crest-pro health advanced... ...is superior to colgate total... ...in these 5 areas dentists check. this check up? so good. go pro with crest pro-health advanced. mom's right...again! shoshow me more like this.e. show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. >>> double line capital ceo jeff gundlach did not hold back at his latest presentation on the markets and economy. saying central banks are losing

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jeff gundlach made this year. he's buying long term. there's no way the fed's going to go in june. what do you make of it now? >> the way bop pisani gave us a recap. if the head had learned we were going to be where we were at the beginning of the week, they would have thought it was a screaming success. i think they're happy with how the market handled that type of the news. utilities, staples, what was the game plan the last time the fed raised rates? you saw the knee jerk reaction. they sold off markets. you saw statements gold rallied, 80%, 90%. if you took it, what would be the weak numbers that go for the same exact thing? it's almost goldilocks for all those laggards. >> e van? >> the stockmarket or at least the financials cannot go higher with low interest rates. talked about that boston. of times. it's hard to see bull market and equities with the slow market growing, with the pair time that's basically played out. you either think the bond market has value, which i don't think, or you think the bond market is a disaster waiting to happen. you can be waiting a long time. i

. >> jeff gundlach, when we spoke recently, was very bullish on tesla and elon musk has just said ofdeal, as the complete confidence destroyer for tesla shareholders. and i wanted to ask you about not necessarily whether it gauges. but could a strong argument be made that this violates the interests of tesla shareholders? >> i think they are very transparent in fairness about the deal. disclosed elon's holdings and a lot of the conflicts of interest. and we'll see if the deal actually goes through. it is just an offer at this point. soo we'll see what the board reveals. something i think boards and those doing the analysis will consider whether it makes sense from a more unbiased perspective. >> tesla below 200, colin. your price target is 160 with a sell rating. thank you for joining us. >>> and bed bath and beyond now. courtney reagan. how did they do. >> >> miss, miss and miss. reporting 80 cents for the first quarter. analysts were looking for 86. revenue of 2.74 billion slightly shy of expectations. and same store sales, the key metric for retail down a half percent. analysts we