DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel review the market week of Aug. 18-22, which started out as a little bit of a down run for equities before being boosted by Fed Chair Jerome H. Powell’s dovish speech at the Jackson Hole Economic Policy Symposium on Friday. Chair Powell’s comments seemed to raise prospects for a Fed rate cut at the September FOMC meeting. In addition to the stock bounce, fixed income (3:20) and commodities (4:50) had positive weeks. Eric and Ryan conclude the market recap with a review of Chair Powell’s speech and the market reaction to what had been expected to be a more hawkish stance (5:40).
Over in Macro Land (10:35), topics covered include housing data; labor numbers; and strong S&P Global PMI prints, which notably contrast with ISM’s weaker prints. Next week’s releases will include durable goods data and the latest PCE number.
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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. Kimmel joined DoubleLine in 2013. He is an Analyst on the Macro Asset Allocation team. Mr. Kimmel is also a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on our Global Asset Allocation Committee. Prior to DoubleLine, Mr. Kimmel was a Proprietary Trader at Gelber Group, trading currencies for the Foreign Currency Group. Prior to that, he was an Investment Banking Analyst in Morgan Stanley’s Mergers and Acquisitions Group. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and holds an MBA from the Anderson School of Management at UCLA.
