Even without tech to liven up the party, stocks staged a broad rally on the S&P 500 (0:42) for the week ended Oct. 9, DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough observe. After four weeks of rising yields, bonds (3:01) at last caught a bid. Commodities ended higher (4:55), led by energy on the Middle East conflict. Eric advises being on the lookout for distillate supply interruptions in the wake of Hurricane Isaias’ imminent forecast landfall on the Gulf Coast.
For the week’s macro news (10:14), ISM services for September arrived in line with expansionary expectations, with an inflationary note from the survey’s prices-paid component. FOMC minutes indicated Fed officials leaning toward another fed funds hike in 2026, although the futures market is pricing in a Fed on hold at the rate-setting body’s Oct. 28 meeting. Looking to the week ahead (18:40), all eyes will be peeled for the CPI and PPI reports for September (Wednesday and Thursday, respectively).
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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. Kimbrough joined DoubleLine in 2012, working primarily on Agency Mortgage-Backed Securities and the Fixed Income Asset Allocation process as a member of the Risk Analyst team. He transitioned in 2019 to his current role as an Analyst on the Macro Asset Allocation team. Mr. Kimbrough also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). Prior to DoubleLine, Mr. Kimbrough was at WAMCO, working on systems monitoring and development within the Risk Department. He holds a B.S. 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.
