Steven Wald, Securitized Products Portfolio Manager at DoubleLine Capital, joins Client Portfolio Manager Phil Gioia to discuss the rise in U.S. Treasury yields that has followed the Federal Reserve’s cut of the federal funds rate in September. Mr. Wald runs down some of the factors such as strong data prints and presidential election expectations that could be driving this somewhat counterintuitive move in Treasury yields. The two then discuss asset allocation opportunities in fixed income in the current environment.
Mr. Wald joined DoubleLine in 2009. He is a Portfolio Manager on the Non-Agency MBS team and is responsible for investments in Residential Mortgage-Backed Securities (RMBS), whole loans, and mortgage related assets. Prior to being promoted to Portfolio Manager, Mr. Wald was a Trader responsible for trading and analysis of mortgage credit securities and residential whole loans. He started at DoubleLine as an Analyst on the Risk team focused on structured products, specifically non-agency MBS and asset-backed securities. Prior to DoubleLine, Mr. Wald worked at TCW in the Mortgage Group. He holds a B.S. in Business Administration from the University of Southern California.
