Shifting Stock Momentum, Mixed Bonds, Silver Reversal (E248)

DoubleLine Fixed Income Asset Allocation Strategist Ryan Kimmel and Analyst Mark Kimbrough review changing industry leadership in the stock market (0:18) for the week ended Jan. 30. The Bloomberg Aggregate squeaked through with gains (3:39) despite higher rates while risky fixed income sectors turned negative. Commodities (6:50) moved higher, driven almost entirely by energy. The forex markets (9:30) witnessed coordinated intervention by the U.S. and Japan to stave off more yen weakness. The week’s macro news (10:58) was dominated by the Federal Open Market Committee, which Wednesday stayed on hold, followed by Fed Chair Jerome Powell’s news conference, and President Trump’s nomination of Kevin Warsh to succeed Powell as head of the Federal Reserve. For next week’s macro calendar (19:09), Ryan and Mark will be especially interested to see forthcoming labor-market benchmark revisions by the Bureau of Labor Statistics, perhaps even an overhaul of the birth-death model.