In short: "The weakest bond market sector… is triple C bank loans, which are down several percent in price and about five or 6% in total return." Floating-rate, low-quality borrowers "playing beat the clock" until a cutting cycle — and there is "zero probability" of a cut at tomorrow's meeting.
CCC is near the bottom of the credit scale. These companies borrowed at floating rates, so every rate hike raises their interest bill, and many are simply trying to survive until the Fed cuts. Gundlach sees no cut coming — rather a hike — so they are the worst-performing corner of the bond market, down 5–6%.
34:14They're not doing well. That's because if they hike that just puts more pressure on these bank loan floating rate borrowers and they're not good quality to begin with — and most of them are playing beat the clock. Can they survive long enough to see the next rate cutting cycle? Because that's what they need to bail them out.
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