Gregory Whiteley Tours the Treasury Market
Gregory Whiteley, head of DoubleLine’s U.S. government debt team, delves into the strange new world of Treasury securities, a market today priced by quasi-permanent manipulation by the Federal Reserve rather than markets. Among other topics, Mr. Whiteley and podcast hosts Jeffrey Sherman and Samuel Lau discuss the wild ride of March and the danger of Fed’s underwriting moral hazard in the private sector in this episode of The Sherman Show, recorded the morning of May 20, 2020. While the current state of the economy, markets and monetary policy leaves much to be desired, Mr. Whiteley does see one bright point: contrary to indications in corners of the derivatives markets, he takes Jerome Powell at his word: the Fed is set against negative interest rates. Mr. Whiteley sees the Fed focused on the short end of the Treasury yield curve and not that concerned with absolute yields at the long end.
Mr. Whiteley began his career in the salad days of Salomon Brothers before joining the team of Jeffrey Gundlach two decades ago. Like Messrs. Sherman and Lau, Mr. Whiteley became part of the original team which launched DoubleLine under Mr. Gundlach’s leadership in 2009.
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].
Neither DoubleLine nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.
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.