Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid

NEW YORK (Reuters) - Jeffrey Gundlach, chief executive of DoubleLine Capital, warned on an investor webcast on Tuesday that a reversal of support for Donald Trump could take hold as expectations are dashed that the newly president-elect can quickly spur economic and job growth.

Gundlach, who oversees more than $106 billion at Los Angeles-based DoubleLine, said Trump “does not have a magic wand” to rapidly improve the economy. He said federal programs take time to implement, rising mortgage rates and monthly payments are not positive for the “psyche of the middle class and broadly”, and supporters of defeated Hillary Clinton are not in a mood to spend money.

“Maybe liquor sales will go up,” Gundlach said on the regular investor webcast. “The Trump win is not positive for consumer spending.” Gundlach also said that in the short-term, “It’s way late to be selling bonds and buying stocks. Probably should be doing the opposite.”

Gundlach, who voted for Trump and had predicted in January that Trump would win the presidential election, said investors should purchase the 10-year Treasury note if it hits in the 2.30-2.35 percent range. Gundlach said he knew Trump would win because he eliminated the weakest candidate. Gundlach added that he has predicted every Presidential Election correctly since 1972.

Separately, when questioned by email, Gundlach said he is positive on financials and banks because of a “steeper yield curve and less regulation” under a Trump administration.