DoubleLine Podcasts

MMM Episode 74: Commodity Market Indicators and Towering Inflation

After reviewing market returns and the July 11-15 week’s macro news, DoubleLine’s Jeffrey Mayberry and Sam Lau field a question on what indicator is the best predictor of commodity prices going forward (21:08). Jeff and Sam start by reviewing the two major commodity indexes, the BCOM and S&P GSCI; their sector weightings; and how momentum is gauged. They then move to a discussion of the outlook for commodities based on longer-term macro factors (26:03), including the futures market, which they cover in-depth in Episode 48*. The two note that current commodity performance is just one of the signifiers influencing the talk about recession (34:00). If you are interested in putting together your own indicators, check out Jeff and Sam’s appearance on Channel 11 News for some additional guidance**.

It was an interesting market week (1:49) full of market-moving macro data. It was a mixed bag for fixed income (3:05), and the struggle in commodities continued (8:05). Currency conversions on the week got a little easier as the euro broke parity, basically achieving a 1-1 exchange with the U.S. dollar (9:35). On the macro front (11:55), the main news was the higher than expected CPI print for June, which broke into the 9 handle. Meanwhile, June retail sales numbers were actually pretty strong (16:30).

*MMM Episode 48: 7% CPI, Pricing in 4 Rate Hikes and a Primer on Commodities Futures

** Channel 11 News S3 E4: Do Commodities Have Room to Run?

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