DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall review the Nov. 7-11 week, which saw strong large gains in stocks (2:21) and across all major bond sectors, led by emerging markets debt (4:42). Amid a slight decline in commodities (6:58) and a 21% drop in Bitcoin, gold staged a surprising 5% gain. In the week’s macro news (9:19), the big market movers were headline and core prices for October. Prints in both indexes came in 20 basis points year-over-year below expectations on Thursday, triggering rallies in stocks and bonds. However, Jeff Mayberry cautions (14:35) that it remains to be seen whether October marks the beginning of a disinflationary trend or a mere aberration. He also notes loosening financial conditions on the week, a development that runs contrary to the policy objectives of Federal Reserve tightening.
Looking ahead for the week of Nov. 14-18 (21:42), Messrs. Mayberry and Dhall will be on the lookout for the October producer price index on Tuesday, retail sales on Wednesday, jobless claims on Thursday and the Conference Board US Leading Index on Friday.

MMM Episode 91: Meaningful or Bear-Market Rally? Jeff and Eric Strike a Note of Caution

Monday Morning Minutes