DoubleLine Portfolio Manager Samuel Lau first covers the week of July 24-28 in terms of stocks (1:40), fixed income (3:49) and commodities (6:52). Then Macro Asset Allocation Analyst Mark Kimbrough reviews the week’s macro news (9:49), noting resilient housing prices in the face of rising mortgage rates. For the Topic of the Week (16:31), Sam and Mark discuss the Federal Open Market Committee meeting, its rate decisions and guidance, and Federal Reserve Chair Jerome Powell’s news conference. Speaking to reporters, Powell, Samuel Lau notes (19:29), “continued to highlight price stability as being important for strong labor conditions for all.” Thus there’s a bias toward the inflation side of the Fed’s dual mandate and a willingness “to suffer a little softness in labor conditions to order to get in line with price stability.” Turning to macro conditions for the business week ending Aug. 5 (29:09), Mark Kimbrough has on his radar the senior loan officer opinion survey (Monday); the JOLTS job survey, a metric important to Chair Powell (Tuesday); the ADP employment report (Wednesday); the ISM Services survey (Thursday); and labor market reports, including nonfarm payrolls, U-3 unemployment rate and labor force participation rate (Friday).
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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 (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.