Research & News
Daily Comment (September 11, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with an assessment of the growing shift toward more hawkish monetary policy. We then turn to geopolitics, examining developments in the Middle East as the conflict broadens beyond the Strait of Hormuz. Next, we briefly consider the potential for… Read More »
Daily Comment (September 10, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with an analysis of the Treasury Department’s decision to scale up buybacks and the subsequent market response. We then examine artificial intelligence and address growing concerns around safety risks associated with the technology. Next, we briefly highlight the president’s… Read More »
Daily Comment (September 9, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with takeaways from the latest escalation in US-Canada trade friction, before turning to recent geopolitical developments between the US and Iran. We then cover Treasury Secretary Bessent’s announced intent to intervene in bond and currency markets, along with the… Read More »
Daily Comment (September 8, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with some disturbing remarks from a former White House official that serve as a reminder that the US-China competition in artificial intelligence could eventually lead to geopolitical conflict, although not necessarily in the near term. We next review… Read More »
Daily Comment (September 4, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with our view on the dollar and the drivers we expect to influence it going forward. We then briefly cover the German elections, AI advances, private credit, and other market-moving narratives. We close, as usual, with a roundup of… Read More »
Daily Comment (September 3, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment will begin with a discussion of a potential set of economic indicators the Federal Reserve may be monitoring and the implications for its forward guidance. We will then turn to the second day of the G20 summit, where attention was… Read More »
Daily Comment (September 2, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our key takeaways from the G20, as the world’s finance ministers and central bank governors confront rising inflation and interest rates. We then turn to the Iran war, examining the factors behind the recent skirmish and providing an… Read More »
Daily Comment (September 1, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with today’s continuing global bond sell-off, which is creating headwinds for risk assets as well. We next review several other international and US developments that could affect the financial markets today, including the latest on the war in Iran… Read More »
Daily Comment (August 31, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with worrying new details about the recent incident in which experimental artificial intelligence agents escaped an OpenAI sandbox and hacked the company Hugging Face. We next review several other international and US developments that could affect the financial… Read More »
Asset Allocation Bi-Weekly – The Impact of New Equity Supply (August 31, 2026)
by Bill O’Grady | PDF In November 1982, the Securities and Exchange Commission (SEC) changed its position on stock buybacks. Prior to this change, the SEC held that buybacks were potentially market manipulation. They weren’t directly banned, but companies buying back their stock ran the risk of being sanctioned for manipulation. In 1982, the SEC… Read More »