DoubleLine Capital

DoubleLine is an investment management firm and investment adviser.

@DLineFunds
@DLineMinutes

[DoubleLine Capital @DLineCap]

AI's leverage is settling into concrete and copper, not just cap tables.

https://t.co/u6MXQenBTU

[DoubleLine Minutes @DLineMinutes]

“All these IPOs are planned for the next six months – OpenAI, Anthropic, SpaceX,” says Eric Dhall. “They’re all trying to rush to market while the animal spirits are abounding, and irrational exuberance is pressing any skepticism away.”

https://t.co/qjFzOfLYXG

[DoubleLine Minutes @DLineMinutes]

Despite easing from mid-month, Treasury yields “remain elevated vs. the beginning of the month,” Eric Dhall observes. “There’s still a term premium there; investors are still concerned about inflation and budget deficits.”

👉https://t.co/qjFzOfLYXG

[DoubleLine Minutes @DLineMinutes]

Rooting for peace but keeping it real: “The U.S. is negotiating with some more moderate people in Iran,” Eric Dhall says, “but the guys with the guns don’t necessarily agree with those moderates.”

https://t.co/qjFzOfMwNe

[DoubleLine Minutes @DLineMinutes]

Olive Oyl-skinny market leadership: “With the S&P 500 trading 7% above its 50-day moving average,” Ryan Kimmel notes, “only 56% of stocks in the index are trading above their 50-day. This rally is driven by a select few large stocks.”

👉https://t.co/qjFzOfMwNe

[DoubleLine Minutes @DLineMinutes]

Amid the ping pong of headlines over the U.S.-Iran conflict, a thin leadership of tech giants in May, @DLineCap's Eric Dhall and Ryan Kimmel note, drove the S&P 500 into new highs while bond yields eased, albeit to still elevated levels.

https://t.co/qjFzOfLYXG

[DoubleLine Minutes @DLineMinutes]

The PCE deflator for April was softer than expectations, +0.40%MoM vs. 0.5% consensus and 0.66% in March. The year-over-year pace rose to 3.8%, the fastest pace since May 2023.

Core PCE, +0.24%MoM vs. 0.3% consensus and 0.30% in March. Year-over-year core PCE increased 0.1% to 3.3%, the fastest rate since Nov 2023.

Core services PCE decelerated to 0.19%MoM. Core services ex housing (supercore) decelerated to 0.12%MoM.

[DoubleLine Minutes @DLineMinutes]

Personal income was flat April vs. expectations of +0.4%MoM; wage income increased 0.2%MoM.

On a year-over-year basis, real wages & salaries growth turned negative at -0.2% and real disposable personal income -1.1%.

[DoubleLine Capital @DLineCap]

AI's leverage is settling into concrete and copper, not just cap tables.

https://t.co/u6MXQenBTU

[DoubleLine Capital @DLineCap]

Fertilizer prices are up 44% since the Iran conflict started, but food prices have barely moved. That gap gets paid by farmers first — then by you at the grocery store. Here's why food inflation may be closer than it looks.

https://t.co/Yc5jBQ68iI

[DoubleLine Minutes @DLineMinutes]

Year-ahead inflation expectations revised up 0.3% to 4.8%. Long-run inflation expectations revised up 0.5% to 3.9%.

[DoubleLine Capital @DLineCap]

Deputy CIO Jeffrey Sherman urges investors to look past the headline ping pong and focus on fundamentals, sharing his views on stretched equity valuations, the case for EM local currency and what he sees as the most underpriced risk in markets today. https://t.co/NShM1IGXn5

[DoubleLine Capital @DLineCap]

China's nominal GDP gap with the U.S. has widened since 2022, not from real growth, but from deflation and RMB weakness. The convergence story isn't dead, but it's stalled.
https://t.co/GlqDydVONe

[DoubleLine Minutes @DLineMinutes]

S&P Global US PMI preliminary reading for May was mixed; manufacturing at 55.3 vs. 53.8 consensus.

Services 50.9 vs. 51.2 consensus. This brings the composite to 51.7 vs. 51.7 the previous month.

Measured overall, employment fell in May for the second time in the past three months, the rate of job losses reaching the highest since August 2024 due to growing concerns over rising costs and deteriorating demand conditions. However, whereas service sector jobs were reduced at the second-fastest pace seen since May 2020 (surpassed only by April 2024), manufacturing payrolls showed the largest rise for 11 months as factories raised headcounts to meet the recent upturn in orders. - S&P Global

[DoubleLine Capital @DLineCap]

Portfolio Manager Ken Shinoda joined Bloomberg's @kgreifeld & @RomaineBostick live from DoubleLine's L.A. offices to share his views on the mortgage market, the diverging fortunes of residential and commercial real estate and why 2026 is shaping up to be the year of carry.

[DoubleLine Capital @DLineCap]

Fertilizer prices are up 44% since the Iran conflict started, but food prices have barely moved. That gap gets paid by farmers first — then by you at the grocery store. Here's why food inflation may be closer than it looks.

https://t.co/Yc5jBQ68iI

[DoubleLine Capital @DLineCap]

DoubleLine’s Robert Cohen, Director of Global Developed Credit, joined @kgreifeld & @RomaineBostick live from DoubleLine’s L.A. offices to discuss AI financing, credit markets and the growing cracks in private credit.

https://t.co/EGPzoECTBC

[DoubleLine Minutes @DLineMinutes]

While bond yields have risen to price in a higher term premium, Portfolio Manager Eric Dhall notes “credit spreads remain incredibly tight, especially in corporate bonds.”

https://t.co/KrEkvV5rvd

[DoubleLine Minutes @DLineMinutes]

DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey a “neck-snapping” week ended May 15 with a Friday stocks sell-off Friday all-time highs on Thursday as inflation-focused bond vigilantes crashed the party.

https://t.co/lswKFarVbC

[DoubleLine Capital @DLineCap]

China's nominal GDP gap with the U.S. has widened since 2022, not from real growth, but from deflation and RMB weakness. The convergence story isn't dead, but it's stalled.
https://t.co/GlqDydVONe