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February 17, 2023 | Monday Morning Minutes

MMM Episode 103: Jeff and Sam Peruse Mandated Sales from the SPR

Jeff Mayberry and Samuel Lau review a red Feb. 13-17 week for stocks (1:55), bonds (3:28) and commodities (6:01) as well as the week’s macro news (?6:01), including signs of slowing CPI disinflation and PPI prints well above expectations that jolted markets. Then for their Topic of the Week, Jeff and Sam investigate (15:26) congressionally mandated sales of crude oil from the Strategic Petroleum Reserve (SPR). A U.S. Department of Energy news release on Feb. 13 announced a forthcoming 26-million-barrel sale from the SPR. The communiqué stirred up a degree of angst in the commodity markets, although Sam and Jeff that explain the sale had already been voted by Congress.

Looking ahead to the abbreviated market week of Feb. 21-24 (31:46), the Monday Morning Minutes hosts have on their radar the S&P Global manufacturing and services PMI surveys (due Tuesday), release of the minutes of the Feb. 1 meeting of the Federal Open Market Meeting (Wednesday), personal spending (Thursday) and the Personal Consumption Expenditure deflator (Friday).

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 (FIAA) 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.