With Samuel Lau on the road, DoubleLine’s Jeff Mayberry is joined on the latest episode of Monday Morning Minutes by Eric Dhall, a trader and quantitative analyst on the firm’s Cross Asset team, to break down a volatile May 16-20 week in the markets. Jeff and Eric begin with a look at the S&P 500, which narrowly averted a bear market Friday and was down 3% on the week. Energy, healthcare and utilities were the week’s only positive performers. Consumer discretionary was the big loser, down almost 8% on the week and 31% on the year. Bonds actually helped this week for those with a diversified portfolio, with Eric pointing out the value of diversification amid a bear scenario. (3:35) Over in Macro Land, Eric digs into a retail sales report that generated positive headlines but could be heralding price hikes at some big retail chains. (7:29) The labor market remained strong, posing a challenge to inflation-fighting efforts by the Fed, whose messaging is saluted by Jeff and Eric for being consistent. (10:28) The Topic of the Week will return next week, when Sam rejoins Jeff to take a look at the FOMC’s May meeting minutes.
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