CNBC: Gundlach Says 'Rate Cuts Are Done' — Cramer's 10 Warnings and the Market's New Reality

This content is compiled from CNBC's morning broadcast of March 26, 2026 and Jeffrey Gundlach's interview.

Gundlach: 'The Great Easing Narrative Has Collapsed' The DoubleLine CEO declared in plain language that the series of rate cuts markets had hoped for at the end of 2025 is no longer on the table. "Reigniting inflation has tied the Fed's hands. The rate cut argument was a nice narrative but the data doesn't support it."

Stagflation Danger Gundlach's most attention-grabbing warning is stagflation: growth is slowing, inflation isn't falling. This combination is the worst environment for both stocks and bonds.

Jim Cramer's 10 Warnings Cramer's On Things to Watch list that morning included: high oil prices, rising bond yields, Iran tension, consumer spending data, regional bank stress, tariff uncertainty, AI spending fatigue, weak housing data, China PMI decline, Bitcoin pressure.

Sector Outlook Sectors Cramer highlighted in the crisis environment: defense, energy, healthcare. Under pressure: consumer discretionary, tech hardware, fintech.

CNBC Markets Now Summary (March 25) Assessment by Senior Markets Commentator Michael Santoli: "The market is now in 'bad news is bad news' mode — it's no longer taking bad economic data as good news with the hope of rate cuts." This shift in mindset is an important threshold.