Will the sweet spot continue?

Опубликовано: 17 Январь 2025
на канале: DoubleLine Capital

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DoubleLine Deputy CIO Jeffrey Sherman takes a look at the macro landscape and markets in this portion of DoubleLine’s Closed-End Fund webcast recorded July 25, 2023. Mr. Sherman begins his macro recap with a rundown of central bank policy rates before moving on to topics including whether the Federal Reserve’s inflation-fighting moves have made market conditions restrictive enough (3:51), the economy’s Goldilocks sweet spot and how long it could last (8:41), the tightening of credit conditions (13:00) and what a decline in same-store sales might reflect about the overall economy (17:48). He then wraps up the macro section with a review of inflation metrics (19:27), the impact of the strength of the labor market (28:00) and market expectations for the end of the hiking cycle and a possible cut (30:21). “I don’t believe unless we’re absent some significant deterioration in the economy, and I mean a meaningful deterioration,” notes Mr. Sherman, “would you see a Fed cut in 2023.”

Mr. Sherman’s market coverage includes a look at volatility (31:39), year-to-date fixed income performance and potential allocation opportunities (37:07) in a “world that actually can generate some positive rates of return.”