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December 16, 2022 | Monday Morning Minutes

MMM Episode 95: Fed Action Divides the Market Week

DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall run down a Dec. 12-16 market performance that shifted in the wake of Wednesday’s FOMC rate hike. Equities perhaps partied too hard Wednesday after the Fed delivered only a 50-basis-point hike, closing out the week down while rates rallied across the U.S. Treasury curve (1:56). The BCOM marked a tiny boost for commodities, and it looks like Bitcoin might miss out on a holiday bonus this year (5:45). On the macro front, November CPI was down versus expectations (7:27) but the FOMC meeting was the news event of the week. For their Topic of the Week (13:12), Jeff and Eric review the FOMC rate hike and market reaction, including the Dow’s real-time response to Fed Chair Jerome H. Powell’s speech. The pair also read the dot-plot tea leaves with a look toward next year and beyond, and they review some of the more intriguing questions and answers at Chair Powell’s press conference. The episode closes with a lengthy list of data prints to keep an eye on (26:35), as the show will take off Dec. 23 before returning Dec. 30 for a year-end roundup!

Happy Holidays From Monday Morning Minutes!

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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.