After a red-week rundown, DoubleLine’s Samuel Lau and Eric Dhall turn the Topic of the Week spotlight on the Senior Loan Officer Opinion Survey (SLOOS) (13:22), another economic metric enjoying a higher profile after being name-checked by Federal Reserve Chair Jerome H. Powell. Sam and Eric discuss how this survey, which tracks such data as the tightening of lending standards at banks, has been consistently used at DoubleLine, and the survey’s history, how it functions and the information it provides (17:20). The two then go over the sections in the most recent survey (21:49), including business lending, household/consumer lending and special topics.
It was a red run for stocks (2:04) and fixed income (2:48) for the May 8-12 market week, with the respective benchmark S&P 500 and Bloomberg US Aggregate Bond indexes each down about a quarter point. Commodities and Bitcoin were also down (4:18). Over in Macro Land (6:15), the week’s activity included wholesale inventory and trade prints, the lowest NFIB Small Business Optimism Index number since January 2013 (7:02), jobless claims that could be trending up (8:43) and a University of Michigan Consumer Sentiment Index reflecting growing frustration with stagflation (11:08). Next week’s light schedule (33:40) will include retail numbers and an LEI that has already been flashing recession.
Subscribe to the Monday Morning Minutes podcast on:
iTunes | Soundcloud | Stitcher | Spotify | Google Podcasts
Follow us on Twitter
Comments and suggestions should be directed to Minutes@doubleline.com
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.
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.