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.
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