Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough survey the Nov. 2-6 week selloff in stocks (0:36), a flight to the safety of bonds (4:05) and weakness in commodities (6:23). While the prospect of post-midterm election gridlock initially encouraged somewhat dovish Fed expectations, they note hike probabilities for the Dec. 9 Federal Open Market Committee meeting surged from 60% to 80% on the fed funds futures market on strong payrolls data for October along with upward revisions for the two prior months. Among other macro data (8:02), Mark dives into ISM manufacturing and services reports, which showed healthy activity in both sectors, albeit accompanied by unabated inflationary pressures. Looking ahead for the Nov. 9-13 week, Jeff and Mark will be most fixed on October’s CPI report on Tuesday and PPI report on Friday.
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 committee. He also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). 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. Kimbrough joined DoubleLine in 2012, working primarily on Agency Mortgage-Backed Securities and the Fixed Income Asset Allocation process as a member of the Risk Analyst team. He transitioned in 2019 to his current role as an Analyst on the Macro Asset Allocation team. Mr. Kimbrough also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). Prior to DoubleLine, Mr. Kimbrough was at WAMCO, working on systems monitoring and development within the Risk Department. He holds a B.S. in Business Administration with a concentration in Real Estate Finance and a minor in Economics from the University of Southern California. Mr. Kimbrough is a CFA® charterholder.
