Trying to follow the economy at the moment is like watching a ping-pong game sped up for viewing whiplash. Last week the Federal Reserve held interest rates steady and indicated three possible cuts in 2024. CBRE had some optimistic capital market projections for next year.

And then? Jeffrey Gundlach — founder, CEO, and chief investment officer of Doubleline, a money management firm that is a big player in the bond market — said in a CNBC interview that when the yield level of the 10-year Treasury market goes below 4%, it sounds "almost like a fire alarm."

"They believe, I think, that they're done," he said in the interview. "The Fed has been on hold for four of the last five meetings, so it's a trend." He added that his firm's model suggests that headline CPI could be 2.4% by June. "If that's the case, I think the Fed cuts rates."