DoubleLine’s Jeff Mayberry and Samuel Lau re-emerge from their cocoons to open the spigots on taper talk, discussing the Federal Open Market Committee’s recent meeting minutes and the use of the euphemism “adjusting the pace of asset purchases.” They also weigh the likelihood that nonvoting members are being used to test the market’s reaction to the idea that it is time to think about thinking about tapering (this is not a conspiracy theory). The duo provides context for their takes on taper talk with a historical rundown on the Federal Reserve’s quantitative easing (QE), from policies enacted amid and after the Global Financial Crisis to the moves made in response to COVID-19 turmoil. Mayberry and Lau also review the May 17-21 market week, including a down week for energy and whether transitory is the new T-word.
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