DoubleLine's Gundlach says stock market was oversold, will be higher before next Fed meeting

Billionaire investor Jeff Gundlach said that stocks are oversold and he expects stocks will be higher before the next Fed Reserve meeting. Gundlach also said that the Fed is "way behind" and that Fed Chair Jerome Powell did an "Ok" job today. "I think the stock market was way oversold, I think commodities got way overbought and so I'm not surprised we've had relative market stability into this Fed decision and I expect the oversold will continue to work its way higher," the DoubleLine Capital founder and CEO said in an interview with CNBC. The Federal Reserve's policymaking arm lifted the federal funds rate target range by 25 basis points to 0.25%-0.5%, in the first increase since 2018 and the first time rates have been above the effective lower bound since the pandemic rattled markets in March 2020. "I think the market kind of likes the fact that the party is going on," Gundlach