DoubleLine Portfolio Manager Eric Dhall and Asset Allocation Strategist Ryan Kimmel survey markets Aug. 7, noting an earnings-driven rally in equities (0:44) apart from energy, real estate and consumer staples. Positive returns posted across investment and below-investment grade fixed income (3:31) on easing rate worries. Currency markets (6:41) witnessed coordinated U.S.-Japan intervention to stave off yen weakness. The action was aided by a weak dollar. On the macro front (9:21), softer-than-expected July payrolls led the week’s news. Ryan also took note of a flagging labor participation rate. Looking ahead to Aug. 10-14, Eric and Ryan will be focused on the July CPI and PPI prints, particularly Core CPI, with any print above the lower end of expectations likely to add pressure on the Federal Reserve to raise official short-term interest rates.
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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. His research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. Mr. Dhall also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). 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. Prior to that, he worked in International Finance at Gulf Machinery Co. 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 a Strategist on the Macro Asset Allocation team, the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on our Global Asset Allocation Committee. Mr. Kimmel also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). Prior to DoubleLine, he was a Proprietary Trader at Gelber Group. Prior to that, he was an Investment Banking Analyst at Morgan Stanley. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and an MBA from the Anderson School of Management at UCLA.
