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June 17, 2022 | Monday Morning Minutes

MMM Episode 70: Nowhere to Hide, Fed Baby Steps and Powell Transparency

After a recount of the rough, red run for the market week of June 13-17, DoubleLine’s Jeff Mayberry and Samuel Lau review the June meeting of the Federal Open Market Committee (FOMC) and Fed Chair Jerome H. Powell’s subsequent press conference (19:37). The FOMC approved an increase of 75 basis points for the federal funds rate, a move somewhat cushioned by the leaking of the decision to a Wall Street Journal reporter earlier in the week (15:00). Topics covered include why the Fed doesn’t raise the rate in one large move instead of incremental hikes (21:41), dot-plot projections pointing to a deteriorating economic outlook (24:54), and Powell’s press conference performance and mention of “eye-catching” data (29:38).

A red wave washed over the market in the week of June 13-17, leaving investors with nowhere to hide (2:06) as even commodities shared in the pain (9:55) while Bitcoin took a bruising (14:20). On the macro front, the PPI data suggests that inflation may be moderating (17:15) and the LEI number fell as expected (18:58). This episode was recorded before market close June 17, 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.