DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough dissect a market week ended Aug. 15 marked by positive stocks, with an interesting dispersion within the asset class (0:46); bonds troubled by inflation readings (3:14); and flat commodities (4:45). The week’s macro calendar (7:38) was packed with inflation news. After a noncommittal July CPI, a hawkish July PPI prompted a selloff in rates and moderated Fed rate-cut probabilities for the remainder of 2025, with the futures market pricing in two cuts by year-end. On Friday, a 4% import-prices jump for July exceeded expectations, albeit the year-over-year change was -0.2%. Looking ahead to the week of Aug. 18-22, Eric and Mark will have on their radar (19:59), among other news, the FOMC July 30 meeting minutes (Wednesday) and Fed Chair Jerome Powell’s speech (Friday) at the Kansas City Fed’s annual central banking conference in Jackson Hole, Wyoming.
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Mr. Dhall joined DoubleLine in 2013. He is a Portfolio Manager on the Macro-Asset Allocation team where he works with portfolio management performing analysis and trading for derivatives-based and multi-asset strategies. Mr. Dhall’s research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. Prior to DoubleLine, he worked at Capital Group performing quantitative analysis in fixed income. Prior to Capital Group, Mr. Dhall was an instructor in finance at the UCLA Anderson School of Management and a research instructor at the UCLA Samueli School of Engineering. Previous to that, he worked in International Finance at Gulf Machinery Company. Mr. Dhall holds a B.S. in Physics with a secondary emphasis in Business from the University of California, Berkeley and an M.S. in Financial Engineering from the UCLA Anderson School of Management.
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.
