Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall review broad losses in stocks (0:59), bonds (2:23) and commodities (4:20) for the Sept. 18-22 market week. Then after checking the week’s macro news (6:57), including a resilient jobs market notwithstanding labor strikes, they do a deep dive (11:58) into the Sept. 20 meeting of the Federal Open Market Committee and Federal Reserve Chair Jerome Powell’s news conference. The upshot of that meeting was that while the FOMC as expected took a pass on hiking the federal funds rate above 5.50%, the guidance from Fed officials came in more hawkish than expected, disappointing investor hopes for signals for a future pivot. For the week ahead (29:40), Jeff and Eric will be on the lookout for the S&P CoreLogic Case-Shiller house price indices for July, the Conference Board’s Consumer Confidence report, durable goods orders, 2Q GDP revisions, jobless claims and a “big dose” of news on Friday Sept. 29: personal income, personal spending and the PCE deflator.
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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 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.