DoubleLine Portfolio Manager Samuel Lau and Quantitative Eric Dhall review a mixed showing the week ended May 24, 2024, for stocks (1:09), bonds (4:04) and commodities (5:47). Turning to macro news (6:57), they note May 1 FOMC minutes show befuddlement among Fed officials over the degree of restrictiveness that has been achieved by interest rate policy. Over the week, as the yield curve steepened, federal funds futures pricing shifted (14:18), indicating the odds of rate cuts in the remainder of 2024 fell from 1.8 cuts to 1.3. Looking ahead to the abbreviated market week of May 28-31 (15:06), Sam and Eric will be on the lookout for the S&P CoreLogic Case-Shiller house price index prints for the month of March, Conference Board Consumer Sentiment for May, the second estimate of first quarter GDP, personal income and spending, and Core PCE Price Index.
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.
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.
