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Jeffrey Sherman on Bonds, Tariffs and Stagflation

Jeffrey Sherman, Deputy CIO of DoubleLine, discusses the current state of the bond market in an interview on CNBC “Money Movers” with Sara Eisen and Carl Quintanilla. He highlights the recent weakness in credit spreads in corporate bonds and the impact of tariff talk on risk assets. Mr. Sherman emphasizes the importance of finding high-quality investments in the current market environment, stating, “What really one needs to focus on right now is just finding quality still in the marketplace.” He also touches on the stagflation narrative, tight labor market and potential for continued volatility due to inflation. Mr. Sherman concludes by discussing the convergence of yields between German bunds and U.S. Treasuries and the implications for the dollar and euro. Highlights: 00:00 Introduction and bond market outlook, recent movements in the front of the Treasury curve and credit spreads 00:39 Impact of tariff talks on risk assets, the state of ISM Services PMI and inflation concerns 01:19 High valuation, finding quality investments and stagflation narrative 02:05 Inflation, Fed’s rate cut path and economic activity in services versus manufacturing 02:58 Upcoming economic data and market expectations 03:35 German yields, defense spending and convergence of yields between German bunds and Treasuries