Lots of Geopolitical Vol, Little Market Vol (E220)

DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap a relatively flat market week shortened by Thursday’s Juneteenth federal holiday. In their rundown of stocks (1:00), fixed income (2:20) and commodities (4:30), Eric and Mark note there was little market volatility despite ongoing trade policy uncertainty and the Israel-Iran conflict. Gold, a safe-haven asset, was actually down on the week. Over in Macro Land (7:01), the week’s prints included retail sales, import prices and jobless claims, with the market seeming to shrug in response to each release. The big news event of the week was Wednesday’s FOMC meeting (11:38), with the Fed keeping rates steady. Eric and Mark discuss the details of the FOMC officials’ decision to sit on their hands and the prospects for cuts this year. Next week’s prints (17:19) will include PMI manufacturing and services, housing prices, consumer confidence, durable goods and inflation. This episode was recorded June 20, 2025, before market close.

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