Stocks, Bonds, Commodities All Aboard on Rate Cuts
DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover an Aug. 19-23 week that brought gains for stocks (0:52) and a broad rally in fixed income (2:11) as well as a commodities market (5:15) that Friday ratified accommodative guidance from Fed Chair Jerome Powell in his Jackson Hole, Wyoming, symposium speech. The week’s macro prints (7:52), notwithstanding surprising strength in new home sales, likewise left intact expectations of cuts to the federal funds rate, with futures markets pricing in four quarter-point moves over the remainder of 2024, starting at the Sept. 18 meeting of the Federal Open Market Committee. The week of Aug. 26-30 holds little (16:49) in the way of big market movers in the scheduled macro releases. Among the reports on Jeff and Sam’s radar are durable goods orders (Monday) and PCE and University of Michigan consumer inflation expectations survey (Friday).
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