DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall recap the markets for the week ended Jan. 26, 2024, noting stocks (0:38) were rather tame notwithstanding new highs on the S&P 500, while fixed income (2:03) was largely flat and commodities (3:38) at last had a positive week, led by energy prices. In their review of the week’s macro prints (9:39), they discuss strong growth in the preliminary report on fourth quarter GDP and a PCE indicator trending toward the Federal Reserve’s inflation target. For the Topic of the Week (17:47), Jeff and Eric discuss divergences between hard and soft data in the various gauges and indicators measuring the U.S. economy. Looking ahead to the week ending Feb. 2 (29:10), Jeff and Eric have their eyes on the S&P CoreLogic housing price indexes for November, JOLTs report, ADP employment, payrolls for January and above all the Federal Open Market Committee meeting set for Jan. 31. While the FOMC is expected to leave the federal funds target rate unchanged, Jeff and Eric will be interested in the FOMC’s guidance statement and Fed Chairman Jerome Powell’s news conference.
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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. 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.