DoubleLine Capital, Released on 1/20/26 (Recorded on 1/8/26)

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In the Macro segment of DoubleLine’s 2026 Round Table Prime, DoubleLine Deputy CIO Jeffrey Sherman moderates a discussion among leading macroeconomic thinkers of an increasingly complex and bifurcated global economic environment. The segment begins with a look at the reliability of economic data, growing divergence between public and private indicators and implications of a K-shaped economy. Panelists explore how headline growth masks underlying softness in labor markets, consumption and capital spending while soaring equity markets and concentrated wealth exert an outsized influence on aggregate outcomes. David Rosenberg of Rosenberg Research sees the macro backdrop defined by a deteriorating labor market, disinflationary pressure and gap between economic averages and lived reality. He highlights weak hiring, declining wage growth, falling labor participation and the growing importance of private-sector data relative to U.S. government statistics. Jim Bianco of Bianco Research builds on this theme, focusing on population growth and immigration as underappreciated drivers of economic equilibrium and arguing that dramatic shifts in labor supply are reshaping job creation thresholds, productivity expectations and the Federal Reserve’s policy challenge in a post-COVID-19 economy. Danielle DiMartino Booth of QI Research underscores stress points in white-collar employment, underemployment and unit labor costs, noting that productivity gains increasingly come at the expense of worker leverage and income growth. Charles Payne of Wall Street Strategies and host of Fox Business’ “Making Money” broadens the lens to structural forces such as AI, profit margin expansion and rising inequality, warning of profound societal implications even as investment opportunities expand. DoubleLine CEO-CIO Jeffrey Gundlach concludes the macro discussion by emphasizing the need to deconstruct aggregate data; reassess long-held assumptions about interest rates and inflation; and recognize how wealth effects, fiscal imbalances and changing market behavior are redefining economic cycles and portfolio strategy.

Jeffrey Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine Capital. He is recognized as an expert in bond and fixed income investments. His investment strategies have been featured in leading publications from around the world In 2013, he was named “Money Manager of the Year” by Institutional Investor. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

David Rosenberg is the chief economist & strategist of Rosenberg Research & Associates, an economic consulting firm he established in January 2020. He received both a Bachelor of Arts and Masters of Arts degree in economics from the University of Toronto. Prior to starting his firm, he was Gluskin Sheff’s chief economist & strategist. Mr. Rosenberg was also chief North American economist at Bank of America Merrill Lynch in New York and prior thereto, he was a senior economist at BMO Nesbitt Burns and Bank of Nova Scotia. Mr. Rosenberg previously ranked first in economics in the Brendan Wood International Survey for Canada for seven straight years, was on the US Institutional Investor All American All Star Team for four years, and was ranked second overall in the 2008 survey.

Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets. Prior to joining Arbor and Bianco Research, Jim was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA). Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Danielle DiMartino Booth spent nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas. Danielle left the Fed in 2015 to found Money Strong, LLC, an economic consulting firm and launched a weekly economic newsletter She is the author of Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America. DiMartino Booth began her career in New York at Donaldson, Lufkin & Jenrette and Credit Suisse, where she worked fixed income and the public and private equity markets. Danielle earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.

  charles payne, david rosenberg, economy, investing, Jeffrey Gundlach, Jim Bianco, markets