DoubleLine Portfolio Jeff Mayberry and Fixed Income Allocation Strategist Ryan Kimmel review the markets and macro news for the week of Oct. 13-17 as the government shutdown reaches Day 17. It was a pretty positive week for stocks (00:29), with the only negative sector, financials, impacted by “a string of one-off credit events”; the Agg was up during a pretty quiet week for fixed income (3:07); and commodities were up (5:13), with precious metals up despite a dip in gold. It was another light week for macro data due to the shutdown (7:12), but Jeff and Ryan look at metrics including small business optimism, state jobless claims and credit card data. Fedspeak (13:05) events included Fed Chair Jerome H. Powell discussing QT policy ahead of the blackout period for the October FOMC meeting.
Jeff and Ryan also field a listener question on whether mortgage rates coming in due to mortgage spreads tightening could lead to inflation (14:37), with them noting that rates would have to come in a lot for the current dynamic to change.
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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. 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.
