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).
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.