bond king jeffrey gundlach chief executive of doubleline capital said the federal reserve is “obviously” behind the curve on raising interest rates to combat higher inflation and that he expects the central bank to hike by more than markets expect   “how many months has it been that cpi has printed above expectations” he said in a televised interview with cnbc on friday referring to the consumerprice index report “we’ve been hawkish” relative to other firms “but not nearly hawkish enough”   gundlach known by some as a bond fund “rock star” for his insights into the subprime mortgage market ahead of the 20072008 financial crisis spoke on friday amid a barrage of hawkish speculation among wall street economists january’s hotterthanexpected cpi report has some fed watchers talking about an emergency rate hike before the fed’s march meeting meanwhile fed funds futures traders were pricing in a 66 chance of a halfpoint increase in march as of friday and a more than 50 likelihood that the policy rate target gets at or above 175 to 2 by yearend from a current level of 0 to 025 according to the cme fedwatch tool  read a ‘firestorm’ of hawkish fed speculation erupts following strong us inflation reading  “interest rates are going higher and every risk asset has to reprice based on these higher interest rates” gundlach said adding that he nonetheless expects equities to remain stable in the near term   doubleline sees cpi staying elevated at 5 for 2022 according to gundlach moreover he says the 10year treasury yield tmubmusd10y will “probably” make a move toward 25 or even 3 this year however the treasury yield curve will continue to flatten further and the “probability of weaker economic activity later this year is pretty high” gundlach said  “the fed is obviously behind the curve … it’s going to have to raise rates more than the market still thinks” gundlach said on cnbc’s “halftime report” “my suspicion is they are going to keep raising rates until something breaks which always happens”  treasury yields turned mixed in friday afternoon trading with the 10year rate hovering around 2 while all three major stock indexes djia spx comp headed lower