DoubleLine Capital co-founder Jeffrey Gundlach said Thursday that the Federal Reserve’s expected action to raise rates is like the Seattle Seahawks disastrous Super Bowl play in which a would-be winning touchdown was intercepted less than a yard from the goal line, costing the Seahawks the title.

The play call is already one of the all-time great blunders in sports history, and Seahawks coach Pete Carroll and Fed chairman Janet Yellen “even look alike,” Gundlach said, making his point with side-by-side photos of the pair at ETF.com’s Fixed Income conference in Newport Beach, Calif.

“The case [for a rate rise] should be made by the [economic] indicators,” which the Fed is ignoring, he said, speaking the day before a positive jobs report on Friday that has Wall Street braced for a rate hike in December.

Gundlach, CEO at DoubleLine Capital, contrasted the U.S. with Europe. While the European Central Bank is expanding its stimulus programs, here the Fed seems intent on raising rates.

Given that, “you would think GDP prospects in the U.S. would be phenomenal,” he said. But U.S. GDP growth is at 2 percent and trending down. “In Europe, it’s trending up, at around 1.5 percent now” and may have already caught up with the U.S.

“The difference between QE infinity in Europe and [the rationale that] we should hike rates in the U.S. is a 50 lousy basis points of real GDP,” he said.

Gundlach also contrasted conditions today with those in 2012. “In 2012, not only did we have zero interest rates, but we came to the conclusion that that wasn’t enough” and instituted the third round of quantitative easing, he said.

But “most economic conditions are worse today than they were in September of  2012, and this is why I find it so odd,” Gundlach said.

An important measure of core inflation, personal consumption expenditures, is slightly negative now, he said, adding that if we calculated inflation the same way Europe does, the U.S. would be experiencing deflation.

Another indicator of a slumping global economy: Falling commodity prices. “They’re lower then they were at the depth of the great recession,” he said. “So that’s not exactly a reason for raising interest rates.”

Gundlach warned advisors at the conference that rates have already been rising for some time—a typical slow, sneaky start of a rising interest rate environment.

Two-year Treasuries “have been rising for four long years,” he said. “In fact, today, the two-year Treasury went to a new intraday high” for that time period.

The five-year and 10-year bottomed in 2012 with no sign of trending lower.

Nominal GDP growth is the best indicator of where interest rates are headed, Gundlach said.

That measure is around 2.9 percent, versus 2.2 percent on the 10-year bond.  The 2.9 percent area “would be a sensible way of thinking about maybe where the 10-year Treasury on a gradually rising basis” will end up.

“I’m not predicting that,” Gundlach quickly added. “But it’s something to think about.”

Junk bonds are trading at levels below 2012, he added, and price weakness hasn’t all been from the energy sector.

“Junk bonds are signaling with clarion bells, do not raise interest rates,” he said. High-yield “should be sold on strength.”

U.S. equities look “to be very vulnerable to another push down,” Gundlach added. Stocks have rebounded right back to recent highs, and the trend in earnings growth looks like it has reversed.

“It’s no wonder the S&P 500 is not going anywhere this year, because the earnings are not there,” he said.