Total Return Macro Webcast: Survivor 3-7-23

DoubleLine CEO and CIO Jeffrey Gundlach, who has outlasted most of his industry peers as well as endured seven years in the fixed-income dungeon when yields were zero or 1%, breaks down the macro forces impacting the economy in the latest Total Return webcast, “Survivor.” Mr. Gundlach kicks things off with a look at the U.S. deficit (2:29) before reviewing the federal funds rate, including its echoing of the two-year Treasury (8:19); running down some recession indicators (14:00) such as the rise in consumer revolving credit, which Mr. Gundlach notes, nobody turns to because they want to; and looking at the state of inflation in the U.S. and other markets (29:11).

As part of his inflation review, Mr. Gundlach talks commodities (33:08), U.S. investment grade and high yield debt (38:12) and mortgage-backed securities (42:53). The webcast concludes with Mr. Gundlach taking questions from viewers (47:09), including talk of how default cycles will look in this new period of rising interest rates.