DoubleLine’s Jeffrey Mayberry and Eric Dhall welcome the arrival of graduation time and the start of MMM’s summer stretch before recapping the Memorial Day holiday-shortened market week of May 30-June 2 as well as looking at May performance. All sectors of the S&P 500 closed up for the week, and the index closed up in May (2:23). Fixed income had a pretty sizable week with the Agg down for the week and in May but still up year-to-date (4:12). Commodities were flat (5:59), and Bitcoin (6:59) was up for the week. Over in Macro Land (7:36), it was a pretty wild week with the debt-ceiling deal in D.C. the main driver of activity. Among the week’s other prints, the S&P CoreLogic Case-Shiller home price index delivered rosy data, but the numbers were from March (9:18); consumer confidence waned (10:26); labor market numbers were strong (11:13); and the ISM manufacturing print remained contractionary (13:08). In this week’s Fedspeak segment, Jeff and Eric look for clues on the FOMC’s plans for its June meeting (18:05).
Next week’s deliveries (19:42) will include an OPEC Plus meeting, two services prints and jobless claims.
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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.
