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DoubleLine Podcasts

MMM Episode 43: King Coffee, President Biden Taps the SPR and a Slew of Inflation Indicators

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
https://doubleline.com/podcast/mmm-episode-41-broad-sticky-inflation-and-the-not-so-strategic-petroleum-reserve/

**Previous Questions of the Week:

Episode 30 Paper on Surging Housing Prices
https://doubleline.com/podcast/mmm-episode-30-aug-23-27-recap-question-of-the-week-and-outlook/

Week of June 7-11, Sticky, Flexible Inflation
https://doubleline.com/podcast/monday-morning-minutes-recap-of-the-june-7-11-market-week/

Week of April 26-30 Owners’ Equivalent Rent
https://doubleline.com/podcast/monday-morning-minutes-recap-of-the-april-26-30-market-week/

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.

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