'Bond King' Jeffrey Gundlach says the Fed shouldn't raise interest rates this week

DoubleLine Capital founder and CEO Jeffrey Gundlach spoke with CNBC's Scott Wapner in Los Angeles on Monday.

Gundlach, a respected prognosticator across Wall Street, said in his webcast last week that it looks like the U.S. stock market is "going to break down" amid a rising deficit, signs of an economic slowdown and an ambitious Federal Reserve.

Gundlach noted that consumer confidence readings lately versus economists' expectations are falling short by a magnitude and consistency last seen prior to the recession in 2007. This continued disappointment could be a sign of economic weakness ahead.

Gundlach made several bold calls on the financial markets this year which came true, including a decline in the S&P 500 after the 10-year yield hits 3 percent, Facebook's bear market and bitcoin's price cratering.

DoubleLine's assets under management totaled more than $120 billion as of June 30.

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