DoubleLine Capital CEO Jeffrey Gundlach stated Tuesday that there is a 90% likelihood the US will enter a recession earlier than the 12 months is over.

The "Bond King" stated that final week his odds stood at 80%, however that because the coronavirus outbreak continues to halt journey and shutter companies worldwide, he now locations the percentages at 90%.

"Once you decimate the restaurant trade, the journey trade, the lodge trade, the airline trade .. the cruise line trade, clearly you are going to take an enormous divot out of financial exercise," he stated Tuesday throughout a webcast with buyers.

Gundlach additionally took intention at Treasury Secretary Steven Mnuchin who on Sunday stated he was assured that the economic system would climate the downturn from the coronavirus outbreak with out coming into a recession.

"Clearly we'll have a really substantial destructive quarter," Gundlach stated. "I simply could not consider...