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DoubleLine Podcasts

MMM Episode 61: Rising Prices, Inflation Mindsets and Fed Hubris

After covering the market action and macro news for the abbreviated week of April 11-14, host Samuel Lau and guest host Eric Dhall, a trader and quantitative analyst on DoubleLine Capital’s Cross Asset team, survey (20:08) the hottest rise in consumer and producer prices since the early 1980s. While wishing Federal Reserve Chairman Jerome Powell success in achieving a “soft landing” that tames inflation while avoiding recession, they criticize (29:52) as hubris claims by Fed officials that they will succeed in achieving “neutral rates” through a rapid series of hikes of the Federal Funds rate. In passing, Eric takes note (25:54) statements by Taiwan Semiconductor that it expects manufacturers to try to build up stockpiles of computer chips to hedge against higher chip prices in the future. This is an example, he says, of how deeply inflation concerns have infiltrated the thinking of business management.

Given the sustained surge in commodity prices, Monday Morning Minutes listeners who want further background on commodity futures can check out Monday Morning Minutes episode 48, recorded Jan. 14, 2022. That backgrounder starts 15 minutes 46 seconds into the episode.

Among items to look out for the week of April 18 (34:18), Sam and Eric point to the releases of the Fed’s Beige book on Wednesday and latest print of the Leading Economic Indicators on Thursday. In addition, Powell and Christine Lagarde, president of the European Central Bank, Thursday will speak on a panel on the global economy. This episode of Monday Morning Minutes was recorded April 14, 2022.

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].

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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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