DoubleLine Podcasts

MMM Episode 34: Sept. 20-24 Market/Macro Recap, FOMC Meeting Deep Dive and Outlook

DoubleLine’s Jeff Mayberry and Samuel Lau run down market and macro events for the Sept. 20-24 week, which ushered in the autumnal equinox and a new regular feature to the podcast, a deep dive into the week’s Federal Open Market Committee (FOMC) meeting. The S&P 500 was up for the week, led by the energy sector, which reclaimed the crown of sector of the year with its nearly 40% rise in 2021 (2:07). Bitcoin got some bad news from the crypto crackdown in China, which also caused waves with the Evergrande development crisis (4:47). On the macro front, PMI manufacturing and service numbers were strong, while Fed Chair Jerome H. Powell’s Friday listening event didn’t produce any headlines (7:35). Jeff and Sam launch the inaugural edition of their FOMC meeting deep dives, which will continue as long as the Fed keeps its heavy hand in the market (12:55). Big takeaways from the meeting include dot plot movement and a taper date set for November, as the Fed said its inflation and employment numbers have been met. Jeff and Sam note, however, that Powell stated the Fed will also look at the “broader environment” before tapering, and events such as Washington’s looming vote on the debt ceiling could affect the timeline. Looking ahead, next week’s deliveries will include data on durable good and housing price appreciation, and the personal consumption expenditures deflator (29:58).

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