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June 3, 2022 | Monday Morning Minutes

MMM Episode 68: Tough Fed in Town, Digital Tulips and Music City Home Prices

DoubleLine’s Jeff Mayberry is once again joined by Eric Dhall, a trader and quantitative analyst on the firm’s Cross Asset team who is subbing for Samuel Lau at the end of the holiday-shortened market week of May 31-June 3. Jeff kicks off the review of a relatively quiet week with a look at equities, which are operating under a conflicted dynamic where strong performance draws a Fed reaction. This is a reversal from the Fed’s long run of moving to boost the market. Bank loans were a standout on the fixed income side, where Eric notes that bonds do look attractive at these levels. (5:31) Commodities remained strong year-to-date*; Bitcoin remained the year’s worst performer. (8:46) Over in Macro Land, housing prices were up 21% in March, putting further pressure on consumers. (11:32) After running through a mixed bag of macro metrics and discussing Fed rate hike expectations, Jeff and Eric look to next week (22:00), which will bring data on consumer credit as well as a new CPI reading.

*For a deeper look at commodities, check out Jeff and Sam’s DoubleLine Strategic Commodity Webcast: Driving Season (recorded May 24, 2022).

About the Speakers

About the Speakers

  • 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 (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.

  • 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.