DoubleLine’s Jeff Mayberry and Sam Lau record a more markets-oriented podcast covering the week of Nov. 29-Dec. 2 in front of a live sales team audience at DoubleLine’s L.A. office during the second day of the firm’s Winter Sales Retreat. The S&P 500 Index was down 2% on the week, with utilities the lone positive sector, while the 10-year U.S. Treasury yield was down 10 basis points (bps). The Bloomberg US Aggregate Bond Index was up about 70 bps with every component in the green. Among commodities, WTI crude dropped to $66, well below the $70 handle, and natural gas tumbled 25%, cutting its year-to-date (YTD) return to 60%, possibly leaving coffee and Bitcoin to battle it out to be the year’s best performer. In Macro Land, coverage includes Jeff and Sam’s look at the move by President Joe Biden to tap the Strategic Petroleum Reserve, discussed in detail in Episode 41* (7:56).
For the Question of the Week, at the request of the DoubleLine sales team, Jeff and Sam share a list of inflation indicators that fall outside traditionally followed prints such as the Consumer Price Index (CPI) (18:53). Indicators discussed include a range of metrics published by Federal Reserve banks as well as indicators covered in past Questions of the Week**.
Looking ahead, Jeff and Sam preview the new CPI number (28:17). This episode was recorded Dec. 3, 2021, before market closing.
*Episode 41 Strategic Petroleum Reserve
**Previous Questions of the Week:
Episode 30 Paper on Surging Housing Prices
Week of June 7-11, Sticky, Flexible Inflation
Week of April 26-30 Owners’ Equivalent Rent
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