DoubleLine Portfolio Manager Bill Campbell, Head of Global Sovereign Debt, visits Bloomberg TV to discuss the Federal Reserve’s recent policy moves, outlook for the U.S. dollar and forces shaping the global fixed-income landscape. He explains how fiscal concerns in the U.S. and abroad remain a central driver of market dynamics, with deficits across Europe, the U.K. and Japan adding pressure to the long end of the yield curve. Mr. Campbell also analyzes the Fed’s rate cuts and balance sheet adjustments, noting how they contribute to curve steepening while raising questions about inflation expectations and the independence of central banks in an election year.
Looking beyond short-term fluctuations, he highlights structural challenges that are likely to influence markets through 2026 and beyond, including elevated government spending, social unrest tied to limited fiscal space and reallocation of trillions in money market assets. Mr. Campbell points to emerging markets local currencies and bonds as one of the few areas still offering compelling value, arguing that they provide both yield and diversification in an environment where valuations across most developed markets remain tight.
Mr. Campbell joined DoubleLine in 2013. He oversees the firm’s Global Sovereign Debt team and serves as a Portfolio Manager of the DoubleLine Emerging Markets Local Currency and Global Bond strategies. He is a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager. Prior to that, he was with Nuveen Investment Management Co., first as a Quantitative Analyst in the Risk Management and Portfolio Construction Group then as a Vice President in the Taxable Fixed Income Group. Mr. Campbell also worked at John Hancock Financial as an Investment Analyst. He holds a B.S. in Business Economics and International Business, as well as a B.A. in English, from Pennsylvania State University. Mr. Campbell holds an M.A. in Mathematics, with a focus on Mathematical Finance, from Boston University.
