DoubleLine’s Jeff Mayberry and Samuel Lau cap off the first week of summer – and the last full week of the first half of the year – reviewing a week-over-week reversal for June 21 through 25 as most of the markets ended up, including an all-time high for the S&P 500 Index. Commodities also were in the green for the most part in the run-up to this week’s crop report, leading to talk of the 1983 Eddie Murphy classic “Trading Places,” in which the report plays a big role. Jeff and Sam give two thumbs up, but no $1 bets are made. For the question of the week (starts at 14:53), Jeff and Sam field a multipart question on the impact of the Fed hiking the interest on excess reserves (the announcement was covered in the previous episode). Topics discussed include how the hike eases downward pressure on short-term interest rates, what it would mean if the overnight reverse repurchase agreement facility went over $1 trillion and if the policy move is a sort of stealth taper (Jeff and Sam say no).
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