DoubleLine Round Table Prime 2026: Macroeconomic Outlook

Bespoke Commentary — January 21, 2026

DoubleLine Round Table Prime 2026

Jim Bianco 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.

Full Video
Timestamps:
00:00 Introduction by moderator Jeff Sherman.
00:56 Panelist introductions: David Rosenberg, Jim Bianco, Jeffrey Gundlach, Charles Payne, and Danielle DiMartino Booth.
02:13 David Rosenberg discusses the quality of government data and the “K-shaped” economy.
03:59 Rosenberg analyzes ISM manufacturing data and the divide between the consumer and capital spending.
06:47 Rosenberg on the “no hire, no fire” labor market dynamic.
10:08 Jim Bianco discusses the impact of immigration and population growth on labor supply and economic modeling.
16:57 Danielle DiMartino Booth on underemployment, the white-collar job market, and falling unit labor costs.
21:31 Charles Payne on the paradigm shift of AI, “jobless prosperity,” and the wealth divide.
27:43 Jeffrey Gundlach on the divergence of leading economic indicators, housing affordability issues, and interest rate behavior.
36:18 Discussion pivots to the Federal Reserve and administration pressure to cut rates.
37:14 Rosenberg forecasts 6% unemployment and a 2% Fed funds rate by year-end.
56:09 Jim Bianco on the changing dynamics of Fed independence and the upcoming search for a new Fed Chair in May.
01:02:19 Danielle DiMartino Booth on the theoretical possibility of Jay Powell remaining as FOMC Chair despite a new Fed Chair appointment.
01:04:25 Closing remarks for the segment.


The impact of immigration and population growth on labor supply and economic modeling

The changing dynamics of Fed independence and the upcoming search for a new Fed Chair