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Billionaire "bond king" and DoubleLine CEO Jeffrey Gundlach commented on the Federal Reserve's upcoming rate decision, with markets expecting a 50 basis point cut in the federal funds rate on Wednesday. This would be the first rate cut in over four years, aimed at preventing high rates from further slowing job growth and economic activity.However, Gundlach argued that the economy has already slowed to recessionary levels, citing concerns about a weakening labor market. "We are in a recession already," Gundlach said during a conference panel on Tuesday, according to a Bloomberg report. "I see a lot of layoff announcements."Although GDP has grown in recent quarters, hiring has steadily slowed. A report from Challenger, Gray &amp; Christmas indicated that layoff announcements surged 193% over the past month. Additionally, hiring plans for the year have dropped to their lowest on record, falling 41% in August compared to the previous year.Despite this, many experts believe the U.S. economy remains stable. GDP grew by 3% last quarter, and unemployment remains low, standing at 4.2% in August.Gundlach, however, criticized the Fed's performance, giving them an "F" grade for their handling of the economy in recent years. He said the central bank was slow to address inflationary pressures, which led to the aggressive rate hikes of 525 basis points in 2022 and 2023. If the Fed had acted sooner, interest rates might not have remained so high for so long, he suggested."I think they're going to cut 50 [basis points]—they seem so out of line," Gundlach said. "The Fed is way behind the curve, and they need to get their act together."