DoubleLine Podcasts

MMM Episode 70: Nowhere to Hide, Fed Baby Steps and Powell Transparency

After a recount of the rough, red run for the market week of June 13-17, DoubleLine’s Jeff Mayberry and Samuel Lau review the June meeting of the Federal Open Market Committee (FOMC) and Fed Chair Jerome H. Powell’s subsequent press conference (19:37). The FOMC approved an increase of 75 basis points for the federal funds rate, a move somewhat cushioned by the leaking of the decision to a Wall Street Journal reporter earlier in the week (15:00). Topics covered include why the Fed doesn’t raise the rate in one large move instead of incremental hikes (21:41), dot-plot projections pointing to a deteriorating economic outlook (24:54), and Powell’s press conference performance and mention of “eye-catching” data (29:38).

A red wave washed over the market in the week of June 13-17, leaving investors with nowhere to hide (2:06) as even commodities shared in the pain (9:55) while Bitcoin took a bruising (14:20). On the macro front, the PPI data suggests that inflation may be moderating (17:15) and the LEI number fell as expected (18:58). This episode was recorded before market close June 17, 2022.

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