DoubleLine Capital CEO Jeffrey Gundlach said Tuesday long-term Treasuries will outperform next year as the risk of deflation grows greater.
"Buy long-term Treasuries," Gundlach told CNBC's Scott Wapner at the Future Proof FestivaI. "In spite of the fact that the narrative today is exactly the opposite, the deflation risk is much higher today than it's been for the past two years. I'm not talking about next month. I'm talking about sometime later next year, certainly in 2023.
Treasury prices will then rise if yields fall. The 30-year Treasury yield hit a high of 3.574%, its highest level since 2014 following the hot CPI report. The benchmark 10-year yield shot up to 3.46% Tuesday, its highest level since mid-June. Ark Invest's Cathie Wood is one of the most vocal proponents of deflation. She said Tuesday that she is seeing many signs of easing price pressures in the pipeline already, including falling commodity prices.
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