DoubleLine podcast: Deputy CIO Sherman on bond market pricing, energy and Fed rate hikes

In the third episode of DoubleLine’s *Sherman Says*, Deputy Chief Investment Officer Jeffrey Sherman and strategist Ryan Kimmel discuss the bond market’s repricing since the Iran war began at the end of February. The market has priced in the Federal Reserve’s next move, but the Fed may need to raise rates again to catch up with inflation, with energy at the heart of the story.

Original source：DoubleLine CapitalFirst published on Unhidea：2026.10.30 02:43 (UTC+08:00)Original source date：2026-10-26

Programme and guests

DoubleLine Capital’s Sherman Says (approximately 42 minutes and 55 seconds), featuring DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and strategist Ryan Kimmel. This article covers their discussion of the bond market.

Key points

(The following paraphrases the guests’ remarks; timestamp links point to the corresponding places in the original video.)

Around the start of the US-Iran conflict on 28 February, markets substantially repriced their expectations for Federal Reserve policy. (https://www.youtube.com/watch?v=ONUuQavWVF0&t=412s）
Energy prices, policy rates and yields rose in tandem, and the correlation between the bond market and energy prices is at its highest since 2007. (https://www.youtube.com/watch?v=ONUuQavWVF0&t=447s）
The market has shifted from expecting rate cuts at the start of the year to expecting three or four additional hikes after one hike has already taken place. (https://www.youtube.com/watch?v=ONUuQavWVF0&t=487s）

Background and notes

Subtitles cover the full video (approximately 42 minutes and 55 seconds); this article covers Sherman and Kimmel’s discussion of the bond market.

Source links

DoubleLine Capital · Original YouTube video