Recession is coming — and a raft of companies will fail, warns elite investor Jeffrey Gundlach

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• The US economy is headed for a recession and a wave of corporate failures, Jeffrey Gundlach said.
•  Several sectors are slowing and higher interest rates are squeezing people and businesses, he said.
• Higher prices and interest costs are spurring consumers to rack up credit card debt, Gundlach said.

Prepare for a recession to strike and companies to collapse as stubborn inflation and sticky interest rates take their toll, Jeffrey Gundlach warned.