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DoubleLine Podcasts

Monday Morning Minutes: Recap of the June 14-18 Market Week

DoubleLine’s Jeff Mayberry and Samuel Lau welcome the first day of summer (June 21) to the Northern Hemisphere with a look back at a mostly red June 14-18 market week. What began as a quiet week was derailed by market reactions to the Federal Reserve’s policy announcements June 16 (starts at 10:17). Jeff and Sam review as the question of the week what didn’t change (the federal funds range and the rate of asset purchases) and what did (the overnight reverse repurchase agreement facility, up from 0 to 5 basis points (bps), and the interest on excess reserves, up from 10 bps to 15 bps). They then break down what these changes could mean going forward, and whether Sam would call these a “plethora” of changes. Jeff and Sam also talk about how changes to the dot plot point to the Fed hiking interest rates earlier than previously expected and note Fed Chair Jerome H. Powell’s testy reaction to reporters’ dot talk. Jeff and Sam note that if interest hikes are coming sooner, taper action could also be coming sooner.

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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