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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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.
