For the week ended July 11, DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel first sort through a pause in the stock rally (0:47), bonds (2:34) giving back a bit on higher rates and higher commodity prices (4:34) amid U.S. tariffs announced on copper. While “copper got hit with a 50% tariff in the U.S.,” Eric Dhall notes July 11 that copper prices fell on the London Metal Exchange over the week while rising 9% in the U.S. “A bit of a mismatch there...
Jul 11, 2025•20 min•Ep. 222
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap market performance for the week of June 23-27 as well as the month and second quarter, which was a pretty good run for asset holders. They review the healthy performances for stocks (00:18) and bonds (2:48), recap a rough period for commodities (4:04), check in on the safe-haven assets of gold and Bitcoin (5:02) and discuss the economic bellwether of copper and the U.S. dollar (5:42). Over in Macro Land (7:01), prints inclu...
Jun 27, 2025•24 min•Ep. 221
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap a relatively flat market week shortened by Thursday’s Juneteenth federal holiday. In their rundown of stocks (1:00), fixed income (2:20) and commodities (4:30), Eric and Mark note there was little market volatility despite ongoing trade policy uncertainty and the Israel-Iran conflict. Gold, a safe-haven asset, was actually down on the week. Over in Macro Land (7:01), the week’s prints included retail sales, import prices an...
Jun 20, 2025•23 min•Ep. 220
DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel June 13 survey a mostly quiet week in markets (0:50) amid encouraging CPI and PPI news (5:30), albeit obscured by ongoing uncertainty over trade tariffs. Among other macro news (12:48), Ryan Kimmel points to a news report that companies appear to be absorbing tariff costs rather than passing them along in the form of price hikes to consumers. Looking ahead to the June 18 FOMC meeting (18:58), Jeff...
Jun 13, 2025•24 min•Ep. 219
DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough sort through a positive week ended June 6 for stocks (0:59) and commodities (4:36) amid higher yields and volatility for a still range-bound bond market (2:01). After macro news (5:46) including sub-50 ISM manufacturing and services prints for May, nonfarm payrolls for May pushed stock prices and bond yields higher on Friday. Fed funds futures (17:26) on Friday were pricing in one to two cuts for the year, with the first likel...
Jun 06, 2025•25 min•Ep. 218
DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel run down the Memorial Day-shortened week of May 27-30 and a mixed-bag for the markets amid May’s volatility. The S&P 500 had a relatively calm week and pretty positive month (00:32), fixed income had a positive week to cap off a month of gyrations (2:36) and commodities had a rough final session to conclude an up-and-down May (4:26). Over in Macro Land (6:11), Eric and Ryan’s review includes a lo...
May 30, 2025•26 min•Ep. 217
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey a rough week for stocks and bonds ended May 23, 2025. Those losses followed the May 16 announcement of Moody’s downgrade of the U.S. to Aa1 from Aaa on the rating agency’s outlook for the federal deficit to rise to nearly 9% of GDP by 2035 from 6.4% in 2024. Eric and Mark begin with a dive into fixed income markets (0:30), which saw Treasury yields rise on the long end of the curve. The yield on the long bond Wednesday thr...
May 23, 2025•22 min•Ep. 216
DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Allocation Strategist Ryan Kimmel chart the powerful market reactions for the week ended May 16 surrounding Monday’s joint decision by Washington and Beijing to move from trade war to trade détente. Stocks (0:34) rallied broadly across all sectors of the S&P 500 except for a light decline in health care. As rates moved higher across the Treasury curve (4:05), traditional investment grade sectors in fixed income posted negative retur...
May 16, 2025•30 min•Ep. 215
DoubleLine Portfolio Managers Jeff Mayberry and Eric Dhall discuss the week ended May 9, including a mixed bag for stocks (0:55), rates up across the board in fixed income (2:59) and commodities (4:12) largely up with the notable exception of agricultural products. Bitcoin (5:17) crossed back above $100,000. On the macro front, ISM services for April came in at 51.6, much better than the consensus estimate of 50.2. No surprise, the U.S. trade deficit for March worsened to -$140.5 billion as impo...
May 09, 2025•19 min•Ep. 214
DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel (0:22) review markets and macro through the week ended May 2. “If you were a Rip van Winkle investor who went to sleep March 31 and woke up today, what would you find?” After the tariff-unleashed sell-offs, Eric notes Rip would find equities up across the major indices. Rates (4:97) moving higher farther out the yield curve led to lower returns in most of the fixed income universe for the month with ...
May 02, 2025•25 min•Ep. 213
DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel recap the markets for the week of April 21-25, noting how the post-April 2 volatility has made it seem like a very long month. Equities (0:53) were up on the week, with the trade stories of 2024 on growth, value and tech putting in an appearance. The bond market (2:21) had a pretty quiet week while the Agg continued to have a pretty good run in the new year. Commodities (3:33) were flat. Jeff and ...
Apr 25, 2025•25 min•Ep. 212
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough review (0:05) the abbreviated market week ended April 17. It was a week characterized by lessened price volatility than in the first two weeks of the month and somewhat positive macro prints. As stocks ended lower (0:48), value stocks and the equal-weighted S&P 500 posted gains, diverging from declines for growth stocks and the market-cap-weighted S&P 500. Fixed income (2:00) had a positive week in high yield corporates a...
Apr 17, 2025•18 min•Ep. 211
DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel April 11, 2025, look into the extraordinary intra-week turbulence (0:48) behind a moderate weekly gain in the S&P 500, an almost no-place-to-hide week for bonds (4:41) and commodities (9:57) showing weakening demand in industrial inputs as WTI crude pierced intraweek below $56/barrel. Overwhelmed by tariff-driven sentiment in the wake of Liberation or Obliteration Day, the markets paid little ...
Apr 11, 2025•26 min•Ep. 210
Lifting a line from T.S. Eliot, DoubleLine Portfolio Manager Eric Dhall surveys a cruel start to April for stocks (0:23) and other risk assets, as shock over Washington-imposed tariffs and fears of a trade war sent the broad equity market into a correction and tech into bear land. The sharp worsening in growth outlooks also erased most of commodities’ gains YTD (2: 07). Prices on WTI and Brent crude plunging below resistance levels the “double whammy” of worsening growth expectations and the stu...
Apr 04, 2025•37 min•Ep. 209
DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel recap the week of March 24-28, with markets reacting to new macro prints and a tariff regime scheduled to be unveiled by the White House on April 2, which President Donald Trump has dubbed “Liberation Day.” Stocks were down, roiled by tariff talk; bonds were no place to hide (2:11); gold continued to shine, flirting with crossing the $3,100 mark (3:30); and commodities were up, lifted by precious met...
Mar 28, 2025•21 min•Ep. 208
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough cover the week ended March 21 in stocks and fixed income, then turn to a macro picture characterized by “kind of bearish” retail sales, fast-growing manufacturing, recessionary warnings from the “broken clock” that has been the Leading Economic Index and an uncertain Fed. With the futures market pricing in three cuts to the fed funds rate in 2025, Eric Dhall cautions against that expectation. Fed officials, he says, seem “befuddl...
Mar 21, 2025•24 min•Ep. 207
DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel survey the markets, including a week (March 10-14) that pushed the stock market (0:40) into one of its fastest corrections on record. Jeff notes (3:10) bonds turned in a flattish to slightly positive week after five days of volatility. Commodities (4:46) were up slightly, with energy diverging into the red. Surveying macro news (7:40), Ryan covers softer-than-expected consumer price and producer p...
Mar 14, 2025•24 min•Ep. 206
DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough survey a volatile March 3-7 week for equities (0:32) and fixed income (3:06) amid sentiment cross currents over the possibility of trade tariffs while commodities (4:54) posted gains. “Markets have tended to overreact” to the on-again, off-again news about tariffs, Jeff Mayberry says. “All that seems to be weighing on sentiment.” Their review of the week’s macro news (6:23) covers among other items ISM manufacturing and servic...
Mar 07, 2025•25 min•Ep. 205
DoubleLine Portfolio Manager Jeffrey Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel recap the market week of Feb. 24-28. They also review performance after the first full month under Trump 2.0 and look at the winners and losers year-to-date among equities, bonds and commodities. Over in Macro Land (7:09), Jeff and Ryan run down a pretty busy week of prints, including softening consumer sentiment, lackluster home sales (8:43) and encouraging PCE inflation data (11:08). Next wee...
Feb 28, 2025•22 min•Ep. 204
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap a Presidents’ Day-shortened market week that included a tick down for equities (00:46), positivity in fixed income (3:32) and rising commodities buoyed by gold (4:52). Over in Macro Land (6:15), they look at the FOMC meeting minutes, which include Fed officials talking about pausing QT and assessing inflation amid policy uncertainty, and the least negative LEI reading since September 2022 (7:58). The composite S&P Globa...
Feb 21, 2025•21 min•Ep. 203
DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel survey stock (0:38), bond (1:54) and commodity (3:53) markets for Feb. 10-14, a week that ended in the green across all three asset classes but was punctuated by a whipsaw in bonds around inflation headlines. Their review of the week’s macro news (4:25) focused on the hotter-than-expected January CPI report, although Ryan Kimmel noted that 14 of the last 15 January CPI readings exceeded consensus ...
Feb 14, 2025•21 min•Ep. 202
DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough review a flattish stock market (0:40), a decline in bond yields (1:56) and stronger commodities (3:41) for the week ended Feb. 7. Then they turn to the week’s macro news (4:40), which was dominated by a raft of labor market reports as well as an expansionary print on the long-languishing ISM manufacturing survey. “We’ll temporarily ring a bell and say a 26-month streak of prints below 50 came to an end in January,” Mark says. ...
Feb 07, 2025•25 min•Ep. 201
DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel dissect the week of Jan. 27-31, 2025. The week saw the S&P 500 (0:33) suffer a tech selloff, bond prices (4:30) tick higher and commodities (5:26) lower with precious metals moving higher. The week’s macro news (6:30) was dominated by the Federal Reserve, whose hawkish-seeming policy guidance, followed by softer language during Fed Chair Powell’s news conference, whipsawed markets. Macro prints (...
Jan 31, 2025•22 min•Ep. 200
DoubleLine Portfolio Managers Jeffrey Mayberry and Eric Dhall review the market week of Jan. 21-24, shortened by the Martin Luther King Jr. Day holiday and overshadowed by the launch of Trump 2.0. Fixed income and the S&P 500 saw mostly green, although energy stocks were impacted after comments by President Trump on oil prices. Commodities were down on the week, led by a declining energy sector. Over in Macro Land (4:36), President Trump’s swearing in and flurry of executive orders kicked of...
Jan 25, 2025•16 min•Ep. 199
DoubleLine Portfolio Manager Jeffrey Mayberry and Analyst Mark Kimbrough tackle a positive run for the markets the week of Jan. 13-17 heading into a busy weekend of NFL playoffs and Monday’s Inauguration Day. They kick things off with a look at equities (00:56), with all 11 sectors of the S&P 500 Index up on the week, then break down positive runs for fixed income (2:50) and commodities (4:31), supported by a big move by WTI crude. Rosy sentiments bloomed in Macro Land (5:46), including an o...
Jan 17, 2025•22 min•Ep. 198
Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel survey the week ended Jan. 10, beginning with stock (0:41) and bond (2:06) markets in the red on stronger-than-expected December payrolls, slashing fed funds rate cut expectations. Commodity prices surged, led by crude oil on the prospect of hardened U.S. sanctions against Russian energy exports. On the macroeconomic front (5:15), Jeff and Ryan delve into the payroll and unemployment data and see markets pri...
Jan 10, 2025•14 min•Ep. 197
DoubleLine Portfolio Managers Jeffrey Mayberry and Eric Dhall kick off the new year with a rundown of 2024’s and December’s performance while also recapping the holiday week of Dec. 30-Jan. 3, naming the winners and losers (or laggards) in stocks, fixed income (3:30) and commodities (7:04). Over in Macro Land (10:18), Jeff and Eric catch up on recent news, including prints for homes prices and jobless claims as well as cap goods and ISM manufacturing numbers that raise speculation that some busi...
Jan 03, 2025•20 min•Ep. 196
In their last Minutes podcast for 2024, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau review year-to-date and Dec. 16-20 returns for stocks (0:36), fixed income (3:16) and commodities (6:17) before taking up the week’s macro news (7:10). For the Topic of the Week (12:22), Jeff and Sam unpack the Dec. 18 meeting of the Federal Open Market Committee, Fed Chairman Jerome Powell’s news conference and the immediate impacts on financial markets and longer-term monetary expectations....
Dec 20, 2024•30 min•Season 1Ep. 195
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey a Friday-the-Thirteenth week for stocks (:033) and bonds (1:56) with commodities managing to end the week ended Dec. 13, 2024, in positive territory despite a rally in the dollar. For the week’s macro news (5:48), Mark Kimbrough notes an improvement in small business sentiment on hopes of lower taxes, easing regulation and inflation relief. He also discusses in-line consumer price index and stronger-than-expected producer ...
Dec 13, 2024•26 min•Season 1Ep. 194
After reviewing stocks (0:48), bond (2:43) and commodities (4:26), plus bitcoin (5:17) topping $100,000, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau unpack the past two weeks’ macro news (6:10). ISM manufacturing, payroll and jobs data suggestive, Jeff says, suggest that “maybe the Fed is going to be able to do the soft landing.” Turning to federal funds rate probabilities (12:27), future contracts are pricing in 3½ cuts through the end of 2025, inferring Sam notes more restrained...
Dec 06, 2024•19 min•Season 1Ep. 193
