Closing Bell Closing Bell: The Fed, Rates & Mega-cap Earnings 1/28/26
Jan 28, 2026
Steve Leisman, senior economics correspondent who explains Fed context. Jeffrey Gundlach, DoubleLine founder and fixed-income veteran with macro views. They discuss the Fed holding rates, timing of future cuts, dollar and commodities themes. The conversation pivots to mega-cap earnings, previewing what to watch from Microsoft, Meta and Tesla.
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Dollar Weakness Drives Asset Allocation
- Jeffrey Gundlach sees a secularly weak dollar as a central investment theme driving outperformance in commodities and emerging markets.
- He recommends centering portfolios around precious metals and non-dollar assets during this trend.
When To Pivot Your Investment Thesis
- Change investment theses only when evidence forces you to, because it's psychologically hard when you're right.
- Gundlach increased personal allocations to gold miners and land as hedges against currency movements.
Powell Unlikely To Cut Rates Further
- Gundlach links rate cuts rhetoric to intentional dollar weakness and higher inflation risk if policymakers slash rates.
- He expects no further rate cuts under Chair Jay Powell and thinks Powell is positioning policy to hand off the helm.