Research & News

Daily Comment (November 22, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] As a reminder, we will not publish the Daily Comment this Friday, November 24.  Although financial markets are quiet, there was a good bit of news.  Here’s what we are watching: Yield curve flattening: Yesterday, the U.S. yield curve flattened to its lowest point since November… Read More »

Daily Comment (November 21, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Thanksgiving week!  We want to pass along a heads up that the Daily Comment will not be published this Friday, November 24.  Although financial markets are quiet, there was a good bit of news.  Here’s what we are watching: Merkel leans toward new elections: Yesterday,… Read More »

Weekly Geopolitical Report – Moving Fast and Breaking Things: Mohammad bin Salman, Part I (November 20, 2017)

by Bill O’Grady (N.B.: Due to the Thanksgiving holiday, the next edition of this report will be published December 4.) Last summer, King Salman surprised the Kingdom of Saudi Arabia (KSA) by demoting Crown Prince Muhammad bin Nayef and replacing him with one of the king’s sons, Mohammad bin Salman (MbS).[1]  In the months preceding the… Read More »

Daily Comment (November 20, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday and Happy Thanksgiving week!  We want to pass along a heads up that the Daily Comment will not be published this Friday, November 24.  Here’s what’s going on this morning: Coalition talks collapse: Chancellor Merkel has been unable to pull together a coalition consisting… Read More »

Asset Allocation Weekly (November 17, 2017)

by Asset Allocation Committee [Ed note: We will not publish an Asset Allocation Weekly Comment the week of November 24. The next comment will be published December 1.] Over the past three weeks, we have seen a rise in the yields on high-yield bonds.  The Merrill Lynch High Yield bond effective index is up 40 bps… Read More »

Daily Comment (November 17, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Global equity markets are mostly steady to higher this morning.  The EuroStoxx 50 is flat from the last close.  In Asia, the MSCI Asia Apex 50 closed up 0.8% from the prior close.  Chinese markets were lower, with the Shanghai composite down 0.5% and the Shenzhen… Read More »

Daily Comment (November 16, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] After a few days of risk concerns, equity markets are “in the green” this morning.  The dollar and Treasury yields are higher.  Here is what we are watching this morning: The tax bill: The House is expected to pass its version of the tax bill today. … Read More »

Daily Comment (November 15, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Here’s what we are watching today: Another weak day: Risk markets continue to slide this morning, although the levels of decline are not all that large.  It’s been such a long time since we have seen weakness in equity prices that even modest retreats appear significant. … Read More »

Daily Comment (November 14, 2017)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It was a very quiet overnight session.  Better Eurozone growth has lifted the EUR, while global equity markets continue to struggle in what looks to us like profit taking.  PPI (see below) did come in higher than forecast; shorter duration Treasury yields rose.  Here is what… Read More »

Weekly Geopolitical Report – The Situation in Catalonia: Part II (November 13, 2017)

by Thomas Wash In Part I of our report, we examined the historical background of the Catalan independence movement.  This week, we will continue our discussion by summarizing the constitutional crisis, identifying the significant players and their motives, noting the possible outcomes and concluding with market ramifications. Constitutional Crisis: A Summary In addition to the historical… Read More »

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