DoubleLine Podcasts

MMM Episode 32: Sep. 7-10 Macro/Market Recap, Eviction Elucidation & Janet’s Alarm Bells

After reviewing a red week for stocks, gold (almost -2%) and Bitcoin (almost -9%) and a flat week for bonds and commodities, Jeff Mayberry and Samuel Lau size up the impact on housing evictions and rents, as well as the possibility of durable follow-throughs into inflation gauges, after the U.S. Supreme Court’s overturning of the Biden administration’s eviction moratorium (11:05). With an estimated 750,000 households facing possible eviction and 3½ million households behind on their rent, the ruling stands to have significant economic and social repercussions, but those will take time to emerge.

Given listener interest in the in’s and out’s of U.S. Treasury auctions, Jeff and Same discuss the tone the Sept. 9 Long Bond auction (3:18). The auction brought $24 billion of Uncle Sam’s 30-year IOUs to market; the Long Bond “traded through”: nearly 2 basis points below its pre-auction level. That’s “a sign,” Jeff notes, “that demand exceeded dealers’ expectations.” The co-hosts consider Treasury Secretary Janet Yellen’s alarm bells to Congress over the national debt ceiling deadline, and … they roll their eyes (27:21).

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