Search
Podcast
Markets
Sep 08, 2023 | DoubleLine Minutes

MMM Episode 132: Treasury Refunding Needs and Potential for Funding Stress

For the week ended Sept. 8, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau start with a review of the markets for stocks (0:56), fixed income (3:27) and commodities (4:54), all of which printed with red ink. Turning to the week’s macro news (9:22), they take particular note of the surprisingly strong reading of 54.5 ISM services report for August versus consensus expectations of 52.7. For the Topic of the Week (14:40), Jeff and Sam explore the Treasury quarterly refunding needs, which are running high versus historical averages, and the potential for funding stress in light of such large, expected debt issuance. They also ponder the future reliability of the Secured Overnight Financing Rate (SOFR) as a gauge of financial stress, given the end of the London Interbank Offered Rate (LIBOR). Looking ahead to Sept. 11-15, on Jeff and Sam’s radar screens (28:43) are the August CPI (Wednesday); retail sales, PPI and jobless claims (Thursday); and the University of Michigan survey of 5-to-10-year inflation expectations.

Subscribe to the Monday Morning Minutes podcast on:

iTunes  |  Soundcloud  |  Spotify  |  Google Podcasts

Follow us on Twitter

Comments and suggestions should be directed to Minutes@doubleline.com

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.