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The Fed has failed and is fundamentally broken, Jeffrey Gundlach, Wall Street’s bond king and Founder and Chief Executive Officer of DoubleLine Capital, tweeted out early Wednesday.

Gundlach tweeted: “The Federal Reserve is presently acting in blatant non-compliance with the Federal Reserve Act of 1913. An institution violating the rules of its own charter is de facto admitting that said institution has failed and is fundamentally broken.”

‘Of course, the Federal Reserve will make some wonky semantic argument about why they are “technically” in “compliance”. Just like the balance sheet expansion program last fall was “not QE”.”