DoubleLine Portfolio Managers Jeffrey Mayberry and Sam Lau cover the markets and macro news for the week of June 10-14, impacted as they were by the Topic of the Week: the June Federal Open Market Committee meeting and press conference by Federal Reserve Chair Jerome H. Powell (11:28). Jeff and Sam review the policy rates, which remained unchanged across the board; look at changes to the Fed’s QT-easing activity; and go through the Summary of Economic Projections (SEP), including the projected number of cuts to the federal funds rate in 2024 (17:37), which was down to one cut after the March SEP projected three. Jeff and Sam then talk about Chair Powell’s press conference, which did not provide a lot to talk about as Chair Powell navigated reporter questions and revealed no change in Fed policy (20:56). They do observe that the Fed’s rhetoric on rate activity leans toward cuts rather than hikes.
In their market review for the week, Jeff and Sam discuss a green equities market (01:09), a fixed income run that had the Bloomberg US Aggregate Bond Index inching into positive territory on the year (3:40) and commodities buoyed by strong WTI crude performance (5:02). In Macro Land, outside of the Fed events, they run down the latest inflation metrics (6:15). Next week (shortened by the June 19 Juneteenth federal holiday) will bring jobless claims, global PMI prints and an LEI update (29:36).
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.
