DoubleLine Portfolio Manager Jeff Mayberry is joined on Monday Morning Minutes by Quantitative Analyst Eric Dhall to recap the market week of Jan. 30-Feb. 3 as well as January performance. But most important, the two break down the Federal Open Market Committee meeting and Fed Chair Jerome H. Powell’s press conference as the Topic of the Week (16:16). The hike of 25 bps didn’t impact the markets too much, note Jeff and Eric, who speculate that Powell’s dovish demeanor might have stoked optimism in contrast to a hawkish tone more apparent in the transcript of his speech. The two also run through Powell’s Q&A (19:47), with topics including how the Fed interprets financial conditions, the state of the disinflationary process, “super-core” inflation and housing services, and stop-and-go rate hikes. QT was actually brought up in a question about the debt ceiling, with Powell’s deft dodge of the subject drawing praise from Jeff (26:30).
In their market coverage, Jeff and Eric run down a pretty volatile week that followed a pretty good January (1:45). In Macro Land (6:30), a rich week of data included negative housing and manufacturing prints alongside historically healthy labor market numbers, which could further complicate Fed moves in its inflation fight. Looking ahead (28:51), next week will be light on data, but a sit-down with Bloomberg News will provide Powell a chance to rewrite (if necessary) his FOMC remarks.
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.
