DoubleLine’s Eric Dhall and Mark Kimbrough run down market performance for July before diving into a recap for the week of July 31-Aug. 4. For the month, equities (00:54) delivered a pretty nice return while over in fixed income (2:12), the U.S. Treasury curve had a somewhat interesting period, and the Agg finished down a few basis points. Commodities had a healthy run (3:51), led by a gangbusters energy sector and a green agriculture sector. On the week (5:49), equities were down, and the long end of the Treasury curve was up.
Over in Macro Land (8:51), the week delivered quite a few prints, including senior loan officers’ outlook for tightening lending standards, an upside surprise in second quarter productivity (12:12) and a Jobs Friday (16:44) report that sparks talk of a “full-employment recession.” This week’s Fedspeak (20:52) coverage includes speculation of the “Barbie” box office buoying prospects for an economic soft landing. Next week’s prints (22:22) will include CPI and PPI numbers as well as the University of Michigan Consumer Sentiment Index, one of the metrics Fed Chair Jerome H. Powell has been keeping an eye on. This episode was recorded before market close Aug. 4, 2023.
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