Before diving into the market week of Aug. 15-19, DoubleLine’s Samuel Lau and Jeff Mayberry pause in TV Land to bid farewell to “Better Call Saul” and welcome the return of the Targaryens in “House of the Dragon.” Broad indexes were down on the week (2:20), with consumer staples providing some green in the S&P 500 Index, and natural gas (6:49) continuing to bring heat to the Bloomberg Commodity Index despite its historic volatility. Sam and Jeff then discuss whether this week’s performance represents a response to a change to the dovish narrative that initially followed the last FOMC meeting (9:49). Over in Macro Land (10:47), they review retail sales numbers, Fed meeting minutes, jobless numbers and LEI data. Heading into the Fed’s meeting next week in Jackson Hole, Sam and Jeff talk about recent comments from Fed officials on future rate hikes and how statements made by Fed Chair Jerome H. Powell at last year’s meeting panned out (14:20).
Next week will bring PMI numbers, a second quarter GDP update, a PCE print and Chair Powell’s Jackson Hole speech (17:02).
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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 (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.