DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall review the performance of stocks (2:23), bonds (4:47) and commodities (6:39) for May to date; a complicated mix of macro news (13:34) for the week ended May 26; and expectations reflected in the futures market of a 25-basis point hike in the federal funds target rate on June 14 or July 26 (13:33). Then Jeff decodes the message that Treasury bill yields are sending on the prospects of a failure or agreement by Washington to raise the U.S. debt limit before the federal government runs short of cash (18:03). Looking ahead to the Memorial Day-abbreviated market week ending June 2, the hosts single out for investors’ radar prints of the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index, JOLTS Job Openings, jobless claims, ISM Manufacturing, nonfarm payrolls and unemployment (22:50).

MMM Episode 117: The Debt Limit Viewed through a T-bill Lens

Monday Morning Minutes