DoubleLine Minutes

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...

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), w...

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 t...

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...

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 farth...

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...

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...

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.   Overwhel...

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 cru...

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 s...

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 f...

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...

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....

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 c...

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 unce...

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 CP...

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 temporar...

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, foll...

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 secto...

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)...

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 macroe...

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 job...

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 co...

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 i...

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),...