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Dec 08, 2023 | DoubleLine Minutes

MMM E144: Yield Curve Control’s Possibly Numbered Days at the BoJ

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Jeff Mayberry and Samuel Lau first review the week ended Dec. 8, 2023, for stocks (1:06), fixed income (3:00) and commodities (5:25) as well as macro news (8:12), including volatility around the week’s labor market prints. Then they take up the subject of yield curve control (15:41), the targeting by central banks of sovereign bond yields at specific tenors generally further out the curve from conventional short-term policy rates. Yield curve control was instituted by the Bank of Japan in September 2016. BoJ officials, Jeff and Sam note, appear to be prepping markets and the public for an end to yield curve control, perhaps ahead of anticipated policy rate cuts by the U.S. Federal Reserve. Then Jeff and Sam look ahead to the week of Dec. 11-14 (29:07), whose calendar includes the November CPI report (Tuesday); PPI and Federal Open Market Committee meeting (Wednesday); retail sales, jobless claims and import prices (Thursday) and the S&P Global PMI surveys for manufacturing and services (Friday).

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ABOUT THE HOSTS

ABOUT THE HOSTS

  • Jeffrey Mayberry

    Portfolio Manager
    Macro-Asset Allocation
    READ BIO

    Jeffrey Mayberry

    Portfolio Manager
    Macro-Asset Allocation

    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.

  • Samuel Lau

    Macro-Asset Allocation
    READ BIO

    Samuel Lau

    Macro-Asset Allocation

    Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro Committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.