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Jul 07, 2023 | Monday Morning Minutes

MMM Episode 123: Vol in Bonds, Fed Funds Odds and a Janus-Faced Economy

DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau review market performance of the week ended July 7 for equities (2:27), fixed income (3:44) and commodities (8:42). Then they turn to the week’s macro prints (12:03), among other observations noting the ongoing split personality of the U.S. economy with robust services and weakening manufacturing. Pricing in the futures market (16:43), Jeff and Sam remark, puts the probability of a quarter point hike in the federal funds target rate at 89% at the July 26 meeting of the Federal Open Market Committee, the policy-setting body of the Federal Reserve. For the week of July 10-14 (20:58), Jeff and Sam will be particularly focused on June CPI report, due Wednesday, and comments by Fed officials, in particular, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis.

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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.