DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough sort through a positive week ended June 6 for stocks (0:59) and commodities (4:36) amid higher yields and volatility for a still range-bound bond market (2:01). After macro news (5:46) including sub-50 ISM manufacturing and services prints for May, nonfarm payrolls for May pushed stock prices and bond yields higher on Friday. Fed funds futures (17:26) on Friday were pricing in one to two cuts for the year, with the first likely cut to come at the Sept. 17 meeting of the Federal Open Market Committee. As labor and price data stand at present, Jeff Mayberry says, “I think we get no cuts this year.” Jeff and Mark will be looking to the Federal Reserve’s annual Economic Policy Symposium Aug. 21-23 and Fed Chairman Jerome Powell’s speech at that event for guidance on the course of central bank monetary policy for the remainder of the year. Looking ahead to the June 9-13 week (19:27), Jeff and Mark will be looking for the May CPI on Wednesday, PPI on Thursday and the University of Michigan’s consumer inflation expectation survey on Friday.
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Mr. Mayberry joined DoubleLine in 2009. He is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives‐based and multi‐asset strategies. Mr. Mayberry is a Strategist on the Fixed Income Asset Allocation Committee and a contributing member on our Global Asset Allocation and Macro committees. He also co-hosts DoubleLine’s weekly Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Mayberry was a Senior Vice President at TCW for nine years within the Mortgage Group, where he specialized in portfolio and fund monitoring and analytics. He holds a B.S. in Engineering from Harvey Mudd College and an M.S. in Financial Engineering from the Peter F. Drucker Graduate School of Management at Claremont Graduate University.
Mr. Kimbrough joined DoubleLine in 2012, where he worked primarily on Agency Mortgage Backed Securities and the Fixed Income Asset Allocation process as a member of the Risk Analyst team. He transitioned to his current role in 2019 where he serves as an Analyst on the Macro Asset Allocation team. Prior to DoubleLine, Mr. Kimbrough was at Western Asset Management working on systems monitoring and development within the Risk Department. He holds a BS in Business Administration with a concentration in Real Estate Finance and a minor in Economics from the University of Southern California. Mr. Kimbrough is a CFA® charterholder.
