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).
The views and opinions expressed herein are as of the date recorded and should not be construed as an offer to buy or sell any securities. Such views/opinions may differ from those of DoubleLine Capital or other of its affiliates and are subject to change without notice. DoubleLine has no obligation to provide any updates or changes. The following audio presentations represent DoubleLine’s intellectual property. No portion of these presentations may be published, reproduced, transmitted or rebroadcast in any media in any form without the express written permission of DoubleLine. DoubleLine has no obligation to provide any updates or changes. To receive permission from DoubleLine please contact [email protected].
Neither DoubleLine nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.
DoubleLine is not providing any financial, economic, legal, accounting or tax advice in these podcasts. The receipt of these podcasts by any listener is not to be taken as constituting the giving of investment advice by any DoubleLine entity or individual to that listener, nor to constitute such person a client of any DoubleLine entity. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.