Benign Markets Amid Tame Inflation, Resilient Consumers (E223)
Description
DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey the week ended July 18, including tech-driven new highs in equities (0:46 ), a bond market shaped by a steepening yield curve (2:28 ) and gains in the broad commodity market (4:42 ). The week’s macro news (6:52 ) was led by tame reports on the consumer and producer price front. Core CPI for June posted its fifth consecutive monthly surprise to the downside versus consensus expectations. Notwithstanding a short-lived media trial balloon from the Trump administration about firing Fed Chair Jerome Powell, the markets (16:09 ) are pricing in no action on the fed funds rate at the Federal Open Market Committee meeting on July 30, and only two cuts in the second half of 2025.
United States
