DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover a negative week ended March 8 for the S&P 500 (0:48), contrasting with a positive week for that index’s equal-weighted cousin; a positive week (3:16) for all major fixed income sectors; and weekly gains (5:46) for commodities and Bitcoin. After reviewing the week’s macro news (8:51) and Jerome Powell’s congressional testimony (13:10), Jeff and Sam dive into the Topic of the Week (14:36): the government’s household and establishment surveys in the labor market. Their discussion includes factors behind recent divergent readings of flat-to-rising unemployment and strong nonfarm payrolls as well as falling business participation rates in the establishment survey. Then they preview the key macro news releases (28:28) for the week of March 11-15, in particular, the February consumer price index (Tuesday) and import prices (Friday).

Jeff and Sam Demystify Divergent Labor Surveys (E156)

Monday Morning Minutes