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Jun 21, 2024 | Monday Morning Minutes

Mixed-Bag Market Week; Homing In on One Fed Cut in 2024 (E171)

DoubleLine Portfolio Managers Jeffrey Mayberry and Samuel Lau cover the markets and macro news for the week of June 17-21, with markets closed Wednesday for the Juneteenth federal holiday. The S&P 500 Index was up on the week, boosted by the energy sector (1:06). In fixed income, U.S. Treasury yields inched up across the curve, impacting interest-rate-sensitive sectors such as investment grade corporate credit (3:00). The broad commodities market slipped on the week, but gold futures remained steady above $2,300 (5:29). Over in Macro Land (6:40), the week’s deliveries included weaker-than-expected sales numbers, higher-than-expected jobless claims, S&P Global PMI numbers in positive territory for manufacturing and services, and another negative LEI print. It was a light week for Fedspeak (11:10), but on the market side, the narrative seems to be shifting to a weaker economy and the Federal Reserve needs to cut sooner than later. Next week’s data (13:38) will include home prices, another GDP estimate and numbers on durable and capital goods. This episode was recorded June 21, 2024, before market close.

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ABOUT THE HOSTS

ABOUT THE HOSTS

  • 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, 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

    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.