DoubleLine Podcasts

MMM Episode 41: Broad, Sticky Inflation and the Not-So “Strategic” Petroleum Reserve

After reviewing the markets and macro news for the week of Nov. 8-12, Jeff Mayberry and Sam Lau turn to an in-depth discussion of the Strategic Petroleum Reserve (14:48) and proposals to not only draw down the SRP but also to revive a ban, lifted in 2015, on the export of U.S. oil. The MMM hosts note the U.S. presidents have used their executive authority to release SRP crude into the market not only to lower energy prices, as is being proposed now, but also in response to dislocations and shortages in the energy sector due to natural disasters (most often hurricanes) and wars involving oil-producing countries in the Middle East. Drawdowns have even been used to paper over the federal deficit, causing the hosts to question how “strategic” the petroleum reserve really is.

Jeff and Sam also survey the latest readings on the Producer Price Index and the Consumer Price Index as well as a variety of other inflation indicators (7:01). The verdict from those gauges, they conclude, is that rising prices are not only high but persistent, rebutting central bank officials’ earlier reassurances that high inflation would prove “transitory.” Given the accumulating data of high and sticky inflation, Jeff and Sam will be watching scheduled speeches by Federal Reserve officials the week of Nov. 15-19 for signs of a rethinking in monetary policy (38:44).

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.



2002 N. Tampa St.
Suite 200
FL 33602



This is a Test!

DoubleLine is testing our emergency back-up plan. If this were a real emergency, DoubleLine would be posting news, updates, contact information, webcast or conference call information here to keep our clients updated on the situation. To contact DoubleLine, please click here.


Thank you for your request(s). You will receive slides after the webcast has started. Replay and Recap notifications will take several days following the compliance review.


    Please fill in your information below in order to open this article in your browser.

    I am an Institutional Investor [recaptcha]