Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital,  speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid

Jeffrey Gundlach, the CEO of DoubleLine Capital, said Friday that Federal Reserve chair Janet Yellen’s remarks that a rate hike would be appropriate in coming months “doesn’t suggest” a hike in June.

Wall Street trimmed gains in early afternoon trading on Friday after Yellen said it would likely be appropriate to raise rates “in the coming months.”

Gundlach said he still believes Yellen was more dovish in her comments Friday than her Fed colleagues.

Following Yellen’s comments, data from Bloomberg indicated market pricing suggests about a 30% chance of an interest rate hike from the Fed in June, while July’s meeting was about a 50/50 proposition.

Gundlach said Thursday he expected Yellen’s comments Friday to be dovish.

Yellen spoke Friday at Harvard University, where she was awarded the Radcliffe Medal. The Fed chair will speak again on June 6, her final appearance before the Fed’s June 15 meeting.

Reuters reporting by Jennifer Ablan. Editing by Chizu Nomiyama.

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