DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap a Presidents’ Day-shortened market week that included a tick down for equities (00:46), positivity in fixed income (3:32) and rising commodities buoyed by gold (4:52). Over in Macro Land (6:15), they look at the FOMC meeting minutes, which include Fed officials talking about pausing QT and assessing inflation amid policy uncertainty, and the least negative LEI reading since September 2022 (7:58). The composite S&P Global U.S. manufacturing and services PMI releases (9:25) provide food for thought, including chief business economist commentary that “The upbeat mood seen among U.S. businesses at the start of the year has evaporated, replaced with a darkening picture of heightened uncertainty, stalling business activity and rising prices.” Next week (16:22) will bring prints on the housing market, consumer confidence and PCE inflation numbers.