DoubleLine Portfolio Manager Jeff Mayberry and cross-asset Analyst Mark Kimbrough review the Dec. 8-12 week, notable for stocks (0:34) erasing the week’s gains after Thursday’s all-time high on the S&P 500. Heavy selling in tech names drove the downside with financials, materials and industrials nonetheless diverging higher. In fixed income (2:03), the Treasury curve steepened as longer yields moved higher, shorter yields lower, in the wake of Wednesday’s Federal Open Market Committee meeting and Fed Chairman Jay Powell’s news conference. Broad commodities (3:10) fell, with crude oil posting the biggest losses. Precious metals continued to rally with silver continuing to gain momentum.
For the week’s macro stories (5:45), Mark Kimbrough covers small business optimism, JOLTS, employment-cost and unemployment-claims stories. Then he and Jeff Mayberry turn their attention (11:14) to the Dec. 10 FOMC meeting, its quarter-point fed funds cut and Fed Chairman Jerome Powell’s news conference amid growing if still-minority policy dissents, signs of weakening labor and a murky outlook on inflation.
Looking to the week ahead (20:49), Jeff and Mark will be on the lookout for payroll and unemployment reports, retail sales, S&P Global manufacturing and services reports (Tuesday); and jobless claims and November CPI (Thursday).
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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.
