Search
Podcast
Markets
Aug 01, 2025 | DoubleLine Minutes

A Week of Vol on Hawkish Powell and Weak Labor (E225)

DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough survey the stock, bond and commodity markets for the month of July (0:37) and the “week of volatility” ended Aug. 1 (3:39). The latter, they note, was driven by a week packed with macro news (7:41). That environment included a more hawkish-than-expected Fed chairman amid rare public dissents on the FOMC on Wednesday and Friday’s overwhelmingly negative payroll and unemployment reports. Mark Kimbrough also singled out the U.S. Treasury’s quarterly funding announcement (9:16). With elevated deficits locked in under Trump’s budget legislation, Mark notes there was “a sigh of relief” in the T-bill market after the government announced “nominal-coupon and floating-rate auction sizes are expected to remain stable for the next several quarters.” Jeff Mayberry, watching fed funds rate expectations (21:33), says the futures market, on Powell’s guidance, Wednesday had priced in 1.3 quarter-point cuts by the end of 2025. Those market odds surged to 2.3 cuts on Friday’s labor reports.

Subscribe to the Minutes podcast on:

iTunes  |  Spotify

Follow us on X 

Comments and suggestions should be directed to Minutes@doubleline.com

ABOUT THE HOSTS

ABOUT THE HOSTS

  • Jeffrey Mayberry

    Portfolio Manager
    Macro-Asset Allocation

    Jeffrey Mayberry

    Portfolio Manager
    Macro-Asset Allocation

    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.

  • Mark Kimbrough, CFA

    Analyst
    Macro Asset Allocation

    Mark Kimbrough, CFA

    Analyst
    Macro Asset Allocation

    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.