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May 26, 2023 | DoubleLine Minutes

MMM Episode 117: The Debt Limit Viewed through a T-bill Lens

DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall review the performance of stocks (2:23), bonds (4:47) and commodities (6:39) for May to date; a complicated mix of macro news (13:34) for the week ended May 26; and expectations reflected in the futures market of a 25-basis point hike in the federal funds target rate on June 14 or July 26 (13:33). Then Jeff decodes the message that Treasury bill yields are sending on the prospects of a failure or agreement by Washington to raise the U.S. debt limit before the federal government runs short of cash (18:03). Looking ahead to the Memorial Day-abbreviated market week ending June 2, the hosts single out for investors’ radar prints of the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index, JOLTS Job Openings, jobless claims, ISM Manufacturing, nonfarm payrolls and unemployment (22:50).

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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.