DoubleLine’s Jeffrey Mayberry and Samuel Lau recap a very positive market week of July 17-21 as green screens throw some shade at the summer doldrums. Equities continued to roll, with all 11 sectors of the S&P 500 positive month-to-date (2:07), fixed income was up on the week before market close, with IG corporate credit a notable performer (4:21), commodities continued to move in a positive direction for the week and month, helping to erase their negative performance year-to-date (6:33) and Bitcoin was positive but relatively quiet (10:20). It was a very quiet week in Macro Land leading into next week’s FOMC meeting – so no Fedspeak to parse (10:50). Prints included retail sales, jobless claims and an LEI that maintains we are in a recession. Next week’s macro (14:41) will very likely bring another Fed rate hike as well as delivering the first estimate for second quarter GDP and data from two of Fed Chair Jerome H. Powell’s favorite metrics: the Employment Cost Index and the PCE deflator. Jeff and Sam close the episode with a discussion of what seems like a reflowering of the optimism that first bloomed in winter 2023 after the calendar turned on a brutal 2022. (18:23)
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