DoubleLine Portfolio Managers Jeffrey Mayberry and Eric Dhall review the market week of Jan. 21-24, shortened by the Martin Luther King Jr. Day holiday and overshadowed by the launch of Trump 2.0. Fixed income and the S&P 500 saw mostly green, although energy stocks were impacted after comments by President Trump on oil prices. Commodities were down on the week, led by a declining energy sector. Over in Macro Land (4:36), President Trump’s swearing in and flurry of executive orders kicked off the week, with the U.S. dollar dinged by the absence of Day One tariffs. The otherwise light macro news week also included a negative Leading Economic Index number; initial jobless claims, which could be impacted going forward by the Southern California wildfires; and mixed PMI prints. In addition, Fed watchers remained very skeptical of another rate cut arriving soon. Next week’s prints (9:46) will include home prices, an advanced fourth quarter GDP estimate and the latest PCE number, but the big event will be the first FOMC meeting under the new term of President Trump, who has already questioned the Fed’s stance on interest rates.