Live from Las Vegas, host Ryan Nauman welcomes DoubleLine Deputy CIO Jeffrey Sherman to discuss the macro backdrop and portfolio implications. Sherman outlines DoubleLine’s fixed-income focus and multi-wrapper approach across mutual funds, ETFs, and separate accounts. They cover the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment, and the challenge of financing large U.S. deficits and Treasury rollover needs. Sherman explains why 10-year yields rose during the war amid a repricing of inflation risk, why the Fed’s threshold for cuts has increased, and why he prefers the front end and belly of the curve over long bonds. They discuss tight credit spreads, risks emerging in loans/private credit, agency MBS opportunities and Fannie/Freddie uncertainty, the attractiveness of emerging markets as a way to bet against the dollar, and the role of gold in diversified portfolios.

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00:40 Walkup Music Banter

01:00 Live From ETF Exchange

01:23 Meet Jeffrey Sherman

01:41 Tahoe Small Talk

03:05 DoubleLine Overview

05:35 Macro Crosscurrents Fed

07:34 New Fed Chair Risks

10:52 Fed Independence Debt

13:21 Why Yields Rose

18:12 Credit Spreads Check

22:14 What Widens Spreads

23:15 Oil and Credit Spreads

24:47 Duration Strategy Today

27:28 Curve Positioning Playbook

28:35 Agency MBS Opportunity

30:51 Fannie Freddie Overhang

35:47 EM Debt as Dollar Hedge

38:32 Advisor Portfolio Takeaways

40:59 Gold and Dollar Outlook

41:44 Tahoe Banter and Wrap

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