October 26, 2022 | Channel 11 News

S3 E8: Stifel’s Dr. Lindsey Piegza Shares Her Realistic Review of the Economy

Channel 11’s Ken Shinoda welcomes Dr. Lindsey Piegza, chief economist and managing director at Stifel, to discuss the state of the U.S. economy and just what the Federal Reserve is up to. They jump right into the topic of inflation (0:51), with Dr. Piegza reviewing a list of factors that could contribute to elevated levels going forward, such as China’s zero-COVID-19 policy squeezing supply and employers having to raise wages to fill jobs. “We do view inflation as stubbornly elevated for quite some time going forward,” she notes. Mr. Shinoda and Dr. Piegza then discuss the outlook for recession (5:10), with Dr. Piegza stating that the debate over officially declaring a recession is really academic amid such a painful period for U.S. businesses.

Other topics the two cover include if the Fed will have the resolve to stay the course on reining in price pressures (11:14), potentially hitting a federal funds rate of 6% (13:47), the strength of the U.S. dollar (17:09), the impact of the November elections (22:14) and how another round of government handouts could widen the deficit and hurt the dollar (27:13). On servicing the U.S. deficit, Dr. Piegza notes that the U.S. is not alone when it comes to rapidly rising debt levels relative to GDP. “We still are the prettiest girl in the ugly girl contest,” she says. “That gives me some hope that we will have enough time to put fiscal responsibility back at the top of the list of priorities and get our fiscal books in order without losing significant ground on the dollar.” This episode was recorded Oct. 26, 2022.

• This material contains the opinions of the manager as of the date it was recorded and such opinions are subject to change without notice.

• The material represents DoubleLine’s intellectual property. No portion of this presentation may be published, reproduced, transmitted, or rebroadcast in any media in any form without the express written permission of DoubleLine. To receive permission from DoubleLine, please contact

• The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals.

• DoubleLine® is a registered trademark of DoubleLine Capital LP.

• ©2022 DoubleLine

About the Host

About the Host

  • Ken Shinoda, CFA

    Structured Products - Non-Agency RMBS

    Ken Shinoda, CFA

    Structured Products - Non-Agency RMBS

    Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11,, a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.