DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover the June 5-9 results for stocks, including a rebound for regional banks (2:41); fixed income (4:11), a bit of pressure on duration, gains for emerging market debt and bank loans; commodities, their first positive week in about two months (8:50). It was a quiet week for macro news (13:29). One of the few notable prints was a sluggish ISM Services PMI report. The May survey came in at a barely expansionary 50.3 vs. a consensus expectation of 52.4. Samuel Lau notes that the Services PMI has been trending lower in recent months. Next week promises a busier news calendar (16:40). With the futures market pricing 30-70 odds of a hike or pause in the federal funds rate, Jeff Mayberry notes the May CPI report due Tuesday June 13 will likely be a market-moving event. After the release of the May PPI on Wednesday, the Federal Open Market Committee, the rate-setting body of the Federal Reserve, meets.
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 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.
