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October 7, 2022 | Monday Morning Minutes

MMM Episode 86: JOLTS and a Hawk-Provoking Labor Market

For their topic of the week, Jeff Mayberry and Samuel Lau (20:51) delve into the Job Openings and Labor Turnover Survey (JOLTS), conducted monthly by the U.S. Bureau of Labor Statistics. The hosts kick off their review of the Oct. 3-7 market week with a positive but volatile showing for stocks (3:05), round-tripping yields in the Treasury market (4:46) and a 5% rally in commodities (8:31) led by double-digit gains in the energy complex following OPEC’s decision to cut crude oil production by 2 million barrels a day. Looking at the week’s macro news (11:55), they take note of unanimously hawkish public comments by four different Fed officials, including the once-dovish Neel Kashkari, and Friday’s strong employment reports. The week ahead (32:49) promises a raft of important data points, including the September Producer Price Index on Wednesday Oct. 12, the September Consumer Price Index on Thursday and the University of Michigan 5-to-10-year inflation expectations survey, a reading that is on the radar of Federal Reserve Chair Jerome Powell.

About the Hosts

About the Hosts

  • 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.