The Federal Reserve has little justification to raise interest rates amid a deflationary global backdrop, bond expert Jeff Gundlach said. "There was a year, 1937, when the Federal Reserve tightened credit conditions prematurely and it led to the second leg of the Great Depression," said Gundlach, who confessed to being "worried" that the Fed would do the same thing even though there are no inflationary pressures that would indicate a need for tightening. The head of DoubeLine Capital, who was nearly alone in predicting that government bond yields would fall in 2014, also said he doubts that the European Central ... (full story)