that is the view of jeffrey gundlach.t of time with him yesterday, interesting to see how he sees traders positioning in terms of dollar until the end of the year. the other big story is the budget in india. prime minister narendra modi has been commenting on the full year 2024 budget. this is what stocks are doing overall. indian stocks rallied, and then they lost ground. higher government spending on roads, ports and infrastructure while keeping the deficit under check have been starving optimism that measures will lead to higher consumer spending and a boost of economic growth. let me remind you how much they are expecting capital spending to be by, it is by more than a third, potentially 122 billion dollars. capex spending will increase 33% in the fiscal year. it will in vest in an protector to boost economic growth. >> the world has recognize the indian economy as a great star. our current year's economic growth is estimated to be at 7%. this is the highest among all the major economies. this is in spite of the massi

what's your opinion on jeffrey gundlach's take?ink i largely agree with jeffrey gundlach any ground that they give in that conversation could just first fuel inflation it's a very delicate balancing act because it's something that gets in the ether, in the water. they need to walk the line until the moment they stop and they even indicated they're not stopping like i said, when ever we're going to see a problem for the fed town the road. >> before we let you go, i want to take one last look at stock futures right now. they're in the red the dow could up 100 points. that's going to do it for us now on "worldwide exchange." "squawk box" coming up thanks for watching. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. >>

dani: jeffrey gundlach tweeting that -- bloomberg's michelle jamrisko there. president biden says he plans to speak with xi jinping over the downing of an alleged chinese spy balloon. for more, let's get to our editor for greater china, what was your take away from what biden had about his plans to speak with xi? >> the message seems to be that the u.s. government is trying to tamp down on tensions that have blown up last week after the u.s. blew up the chinese balloons, which america claims is a spy balloon, and china claims is a weather balloon. there are signs china is looking to tamp down those tensions. it looks like president biden will do that. we may hear something next couple of days. the chief diplomat for china wang yi will be in munich for the security conference with blinken. those two could sit down the next couple of days and discuss this. blinken's trip was formally planted 10 days ago for beijing. manus: we saw a little friction with the big u.s. arms names in china. maybe that is for another day. let's take a look at what is on the agenda for

let's stay with inflation be a the conversation with jeffrey gundlach.has suggested that the fed will push back against the justin's and halt -- the rate of increases and halt. james, good morning. are we all deluded? does the fed need to get its hawk on in snarl as john says this morning in an opinion column? are we to far over our skis on rate cuts by the end of the year? does he need to snog or coup this evening? james: would prefer to air on the side of snarling rather than cooing. i would agree that it has slightly evolved the message that we got from the ceo there. the biggest risk to markets is markets themselves are the reason that jay powell may need to push aggressively back is because not just there are cuts priced in the front end of the bond market. i think to some degree that is reasonable. inflation market is telling us that headline inflation will be 2.2% by the middle of this year. there are strong reasons to suspect that we are headed into a recession. ism services fell sniff kelly. new owners -- new orders fell by 10%. that will lead t

coming up, what that could mean for meta, which reports earnings after the bell today don't my jeffrey gundlach, his reaction to the fed. that's coming up in "closing bell" overtime >>> the dow is lagging, but still up a bit we'll be right back. i am here because they revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells. there's a place that's making one advanced cancer discovery after another for 75 years. i am here... i am here.... because of dana-farber. what we do here changes lives everywhere. i am here. when you stay at a vrbo you always get the whole home because is it really a vacation home if you have to share a house with a host? ♪ only with vrbo >>> up almost 200 now on the dow. fedex is taking a leg higher in midday trading after saying it's laying out of 10% of its workers. >>> altria also announcing a buyback program. while the full-year guidance met the street expectations, it reallied less than 5%. >>> and ea, one of the wo

there are times some of us, myself included, don't have a good grip of what's going on jeffrey gundlach is on fire. he has momentum. everything he has said -- >> his stock is rising >> move to the emerging markets. peak dollar, federal reserve, everything he has said has been correct. for the chairman to stand there for 30 minutes the entirety of the press conference and have the disposition and demeanor at jackson hole i think, candidly, he will fail. the high beta rally that's going on is going to continue after the press conference i don't think he will pull it off. right now back into markets. >> i disagree with that. >> go ahead. >> he has made it clear inflation was their goal in bringing it down that was the goal, and he's going to point out some of the areas they have succeeded. i think they have succeeded. the evidence is they have succeeded. it's not just a speculative rally in names that only -- there are many stocks that have come off their bottom and i think justifiably so i think this rally has happened for appropriate reasons -- >> do you think this rally is healthy? >> s

bond market following yesterday's fed decision and chair powell's news conference here is what jeffrey gundlachd on "closing bell overtime." >> i still think there's room to run in parts of the credit market we've seen dramatic flow changes in the bond market the bond market was tortured by outflows last year the worst ever year in every way for the bond market and this year starting out with huge inflows in bonds because people realize they're relatively attractive versus stocks >> that's been the story so far. joining us at post 9 is jonny fine from goldman sachs who we turn to for all things credit. did you agree with this big rush into bonds on the back of fed chair powell and the ecb president and bank of england's andrew bailey all saying we're still fighting inflation >> i think i do. they are still fighting inflation but i think we've seen the clearest signs ever they're winning the battle, and the battle is almost won, and we're very close to being at the end of the hiking cycle. i think people are looking forward what that might mean with growth prospects, inflation coming down, futur

let's have a look at what jeffrey gundlach has been saying, weighing into this whole narrative if youl, there will be a pivot narrative. they we pushback against any such talk. and should be interesting according to him, he is of course the ceo of double line capital. the fed could be downsizing the size of rate increases but that does not mean it is ready to take its foot off the monetary policy gas pedal. catherine hayes is our global economics and policy editor. so, what gives here, 25 basis points? again, people will be poring through the statement and listening to every word in that news conference for the tone and certainly about whether they perhaps pause earlier than anticipated. kathleen: obviously they have signal through various bank presidents and governors talking about tilting towards 25. needing time to stop and assess, etc. that is pretty much baked in the cake. 83 of 92 economist are looking for the 25 basis point hike instead of the 50. jeff gundlach, one of the bond kings, right, i would be surprised if he said anything but that. because jay powell has adopted. -- h