Research & News
Daily Comment (April 28, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s report begins with an update on the War in Ukraine, while Europe is coping with Russia cutting off gas supplies. Next, we discuss international news, followed by our economics and policy coverage, and we close with the latest COVID-19… Read More »
Weekly Energy Update (April 28, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF It appears oil prices are attempting to create a trading range between $105 to $95 per barrel. That may hold until the SPR release is complete. (Source: Barchart.com) Crude oil inventories unexpectedly rose 0.7 mb compared to a 0.3 mb draw forecast. The SPR… Read More »
Daily Comment (April 27, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with our update on the Russia-Ukraine war, where Russian forces are now consistently making some small territorial gains in eastern and southern Ukraine. There are also increasing signs that the war may be spreading into Moldova, which lies on… Read More »
Daily Comment (April 26, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the Russia-Ukraine war, where Russia’s refocus on attacking eastern Ukraine still seems stalled, but Western officials, sensing Russian weakness, continue to call for stronger support for the Ukrainians. We next review a range of… Read More »
Bi-Weekly Geopolitical Report – The Russians Respond (April 25, 2022)
by Bill O’Grady | PDF In mid-March, we wrote a report detailing the effects of financial sanctions on Russia. And now, about six weeks later, we are seeing the response from Russia. As we noted in our earlier report, Western sanctions on Russia were extensive. Although something similar was deployed against Iran, never before had… Read More »
Daily Comment (April 25, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment opens with an update on the Russia-Ukraine war. We next review a range of international and U.S. developments with the potential to affect the financial markets today. Perhaps the most important development on that score is that French President Macron… Read More »
Keller Quarterly (April 2022)
Letter to Investors | PDF Well, let’s count the things people are worrying about: we’re over two years into a global pandemic, commodity prices are spiking upward, consumer price inflation has risen dramatically, the Fed is raising interest rates, recession worries are spreading, and there’s a war in Europe. I am asked almost every day,… Read More »
Daily Comment (April 22, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s report begins with a discussion of how a hawkish Federal Reserve could impact financial markets and the global economy. Next, we review the latest international news, including developments in the Russian invasion of Ukraine. Afterward, we give a brief… Read More »
Asset Allocation Quarterly (Second Quarter 2022)
by the Asset Allocation Committee | PDF In its efforts to combat inflation, the U.S. Federal Reserve has adopted a much more hawkish monetary policy stance through a combination of raising the fed funds rate and reducing its balance sheet. Global central banks, in contrast, have varying policy responses ranging from extensively accommodative to increasingly… Read More »