A sea of change is set to wash over the U.S. equity market as President-elect Joe Biden prepares to enter the White House, according to billionaire bond fund manager Jeffrey Gundlach.
Market trends that began in 2017 and 2018 in anticipation of President Trump’s historic tax cuts have already started to reverse. Trump’s Tax Cuts and Jobs Act reduced the top corporate tax rate to 21% from 35% and enticed businesses to bring back $1 trillion of overseas cash.
“I think this is a harbinger of significant sort of regime change for markets,” Gundlach, CEO and chief investment officer of Los Angeles-based DoubleLine Capital, which has $148 billion in assets under management, said during a conference call Tuesday evening.
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11.25.2024