DoubleLine Podcasts

S8 E15 Risk-on Ruled for the Month of May

Sherman Show hosts Jeffrey Sherman and Sam Lau are joined by returning guest Jeff Mayberry as they try to assess how macroeconomic fundamentals stack up versus U.S. market prices. Among other issues in this June 3, 2020, discussion, Messrs. Sherman, Lau and Mayberry talk about COVID-19 trends in the U.S., noting that much of the good news was driven by decreased cases in the New York City tri-state area; if there are any positive indicators to be found in noisy jobless numbers; and whether the month’s data points back some of the more optimistic projections for the economy’s recovery.

Some have interpreted a recovery in personal mobility data and rising TSA travel as positive signs for an economic rebound. Mr. Sherman, however, voices some skepticism. While TSA travel activity has marked improvements month to month, year-to-year the figures are way down, with TSA reporting travel numbers 90% below those of 12 months ago. Gasoline consumption is also down year-over-year.

They also review the massive quantitative easing initiatives by the Federal Reserve and the reaction of the markets that have been targeted. There has been zero interest from companies, notes Mr. Sherman, who points out that jawboning about the programs is having more of an impact than participation in the programs.

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