DoubleLine’s Jeff Mayberry and Samuel Lau in their review of the July 12-16 market activity observe that the S&P 500 finished down 1% for the week, with most of that decline arriving Friday. Small caps got crushed relative to everything. The Agg finished up for the third week in a row, and commodities closed up despite energy’s poor performance. On the macro front, headline and core CPI were up, with Jeff and Sam noting the window is lengthening for what some market observers call “transitory” inflation. For the Question of the Week, they explain the term “bear flattener” and how it relates to the economy (starts at 18:43). For the week of July 19-23, Jeff and Sam hope for a sleepy summer week as the FOMC goes dark, and they expect positive LEI and PMI readings. This edition of Monday Morning Minutes was recorded after market close July 16, 2021.
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