Research & News
Daily Comment (February 28, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with a deal between the European Union and the United Kingdom to resolve their disagreement on how to handle Northern Ireland under Brexit. We next review a wide range of other international and U.S. developments with the potential… Read More »
Daily Comment (February 27, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with news related to China’s regulation of its technology sector. We next review a range of other international and U.S. developments with the potential to affect the financial markets today, many of which also relate to China and… Read More »
Asset Allocation Bi-Weekly – Federal Reserve Policymakers in 2023: Hawks or Doves? (February 27, 2023)
by the Asset Allocation Committee | PDF The Federal Reserve surprised markets when it raised its benchmark fed funds interest rate by a total of 450 bps in 2022, the most rapid increase in over 40 years. Weighed down by technology stocks, equities had their first annual decline in over a decade. The weak stock… Read More »
Daily Comment (February 24, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with our thoughts about the potential for a bond rally in 2023. Next, we discuss how revisions to economic data may impact our timeline for a recession in both the U.S. and Europe. We end the report… Read More »
Weekly Energy Update (February 23, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil remains in a trading range between $72-$82 per barrel. (Source: Barchart.com) Crude oil inventories rose 7.6 mb compared to a 2.0 mb build forecast. The SPR was unchanged. In the details, U.S. crude oil production was unchanged at 12.3 mbpd. Exports rose… Read More »
Daily Comment (February 23, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning. Today’s Comment begins with our thoughts about the minutes from the latest Federal Open Market Committee meeting. Next, we discuss changes and challenges in the tech sector and what they signal for investors. The report concludes with a discussion about… Read More »
Daily Comment (February 22, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with a few additional remarks on how the swaggering monetary policies of the major central banks have once again unsettled global stock markets. We next review a wide range of other international and U.S. developments with the potential… Read More »
Bi-Weekly Geopolitical Report – Chip War: Book Review (February 21, 2023)
Thomas Wash | PDF It was simple in the beginning. American firms developed all the designs for semiconductor chips, and Asian manufacturers turned them into reality. It was a match made in capitalist heaven. This all changed after the pandemic exposed supply chain vulnerabilities in the business model, and the situation only worsened after Russia’s… Read More »