DoubleLine's Jeff Sherman cautions against following Treasury bid, likes gold as a recession play
DoubleLine Capital's Jeffrey Sherman tells CNBC that August's exodus into long-term Treasurys could be "overdone" and cautioned investors from the momentum trade.
Sherman, who serves as DoubleLine's deputy chief investment officer, said in an interview with CNBC.com that following others into long-duration Treasurys could backfire if yields start to reverse course. The fixed income investor's comments last week came in the aftermath of one of the largest risk-off pivots since the beginning of the bull market. The yield on the benchmark, a barometer for auto loans and mortgage rates, fell more than 50 basis points in August and threatened to break below its all-time low clinched back in 2016.
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