May 17, 2024 | Monday Morning Minutes

CPI Feeds a Green Trifecta (E166)

DoubleLine Portfolio Manager Jeffrey Mayberry and Quant Analyst Eric Dhall recap a green trifecta for equities, fixed income and commodities for the week of May 13-17, powered by the CPI report, the main macro story. The CPI print was loved by the market, which is anxious for any signs that support the Federal Reserve cutting interest rates. Macro Land coverage also includes the NFIB Small Business Optimism Index, the Producer Price Index, weakening retail sales numbers and higher import prices. Next week will be a pretty light week, including the release of Fed minutes for the April-May meeting, global manufacturing and services data, and a durable goods report.

For the Topic of the Week, Jeff & Eric look at the Federal Reserve Bank of Atlanta’s GDPNow print and discuss how it was recently revised higher despite a backdrop of weak economic data*. They discuss the components of the GDPNow print and its calculation, with Jeff & Eric noting that it is normal for the number to fluctuate before settling in.

*For more information on tools used to forecast GDP, check out Episode 14: Recap of the May 3-7, 2021, market week.

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  • Jeffrey Mayberry

    Macro-Asset Allocation

    Jeffrey Mayberry

    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, 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.

  • Eric Dhall

    Macro Asset Allocation

    Eric Dhall

    Macro Asset Allocation

    Mr. Dhall joined DoubleLine in 2013. He is a Quantitative Analyst on the Macro Asset Allocation team where he works with portfolio management performing analysis and trading for derivatives-based and multi-asset strategies. Mr. Dhall’s research and analysis has contributed to the team’s development of DoubleLine’s smart-beta suite of strategies. 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. Previous to that, he worked in International Finance at Gulf Machinery company. Mr. Dhall holds a BS in Physics with a secondary emphasis in Business from the University of California, Berkeley and an MS in Financial Engineering from the UCLA Anderson School of Management.