By taxclubadmin 
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
01:23 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