DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Allocation Strategist Ryan Kimmel review a positive 2025 for stocks, bonds and commodities (1:22), with outperformance in European and emerging market equities. After scanning the first YTD returns for the New Year (5:46), they dive into a data-heavy macro week (9:02) ended Jan. 9. Topping the week’s prints are mixed December labor readings and trade-deficit narrowing that sufficed to raise the Atlanta Fed’s GDPNow annualized estimate for 4Q2025 to 5.4% from 2.9%. A review of fed fund futures pricing (17:06) indicates a Fed standing pat until odds for a rate cut reach to a coin flip on April 29, presumably Jerome Powell’s last day to preside over the Federal Open Market Committee. Looking to the week ahead (17:55), topping Jeff and Ryan’s watch list will be the December CPI report (due Tuesday).