DoubleLine’s Jeff Mayberry and Samuel Lau note the S&P’s rebound across the July 19-23 week after a very red Monday. Jeff points out the Rip Van Winkle dynamic of daily volatility balancing out Monday through Friday, resulting in little change week to week. Commodities and all fixed-income sectors looked positive for the week. Jeff and Sam discuss the U.S.’ shortest recession – March 2020 to April 2020 – a two-month event that took 14 months to declare. Macro metrics were light for the week but the ones that came in were mostly expansionary. For the Question of the Week (starts at 16:32), they break down the copper-gold ratio as an economic indicator and how it performs in a period of QE. The week of July 26-30 will be busy on the macro front, with many indicators rolling in and an FOMC meeting. This edition of Monday Morning Minutes was recorded before market close July 23, 2021.
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