DoubleLine Portfolio Manager and Head of Structured Products Ken Shinoda chats with Sonali Basak on Bloomberg’s Real Yield, recorded January 24, 2025. Ken provides insightful commentary on various topics, including the potential impact of tariffs on inflation: “There’s definitely a risk with what the administration will do with tariffs that it could ignite inflation again. But I think we’re in wait-and-see mode. We have to see what they actually roll out.” He also discusses the Federal Reserve’s policy approach: “The Fed is, as they say, data-dependent. And it’s kind of made the market schizophrenic. You’ll see how the bond market moves very violently to all the incoming monthly data.”
Ken further elaborates on the current trading range and opportunities in the bond market: “We were pretty oversold in bonds. So, I’m not surprised that the market’s calmed down now. And I think we’ll find a new trading range here.” He also touches on the political divide in inflation expectations: “The data is very bifurcated. If you look under the cover, it’s politically divided. The Republican voters think inflation is going to come in more in line with expectations down towards 2%. And Democratic voters think inflation is going to be 4 or 5%.”
Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11, dline11@doubleline.com), a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.
