Daily Comment

Daily Comment (March 27, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Happy Friday as we wrap up another long week.  After three days of vigorous equity rallies, we are taking a breather this morning.  We update all the COVID-19 news.  Venezuela’s president is indicted.  Israel has a new unity government.  Here are the… Read More »

Daily Comment (March 26, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] The long-awaited initial claims data is out; we offer details below, but claims rose a record 3.28 mm.  After a two-day respite, equities have turned lower.  As we note below, the Senate has passed a $2.0 trillion spending package.  As usual, we… Read More »

Daily Comment (March 25, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] For the first time in ages, it actually feels right to say, “Happy Wednesday,” given the historic surge in U.S. stocks yesterday (the Dow’s rise of more than 11% was its best daily gain since 1933).  Just as important, Republicans and Democrats… Read More »

Daily Comment (March 24, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] As Tuesday dawns and financial markets surge, it’s important to remember that true market stabilization amidst the pandemic would probably require three things: 1) full support for the economy and financial markets by the Federal Reserve and other major central banks; 2)… Read More »

Daily Comment (March 23, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] It’s Monday.  Global markets remain in risk-off mode after the Senate’s first swing at the third phase of the rescue package fails.  BREAKING: FED GIVEN BROADER POWERS TO INTERVENE IN FINANCIAL MARKETS—MORE BELOW—S&P FUTURES RECOVER.  We update the COVID-19 virus news. Here… Read More »

Daily Comment (March 20, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Good morning and happy Friday!  “There are decades where nothing happens, and there are weeks where decades happen.”  This quote, misappropriated to Lenin, seems to capture much of how things feel right now.  It’s a “green screen day” with equity futures rebounding… Read More »

Daily Comment (March 19, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Today is the spring equinox; it’s hard to say if this is a good or bad omen.  We update COVID-19 news.  Although there is much to say about the financial markets, to some extent, it can be summed up succinctly—there is a… Read More »

Daily Comment (March 18, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Well, it’s Wednesday, and we face another day right out of a post-apocalyptic zombie movie.  While there is still no sign of zombie armies marching on Washington, there is a more worrying sign that global financial markets are seizing up in a… Read More »

Daily Comment (March 17, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Happy St. Patrick’s Day!  To celebrate the holiday, we think it would be great if the markets could end the day “in the green.”  However, much will depend on news flow related to the COVID-19 “black swan.”  With so many fast-moving developments,… Read More »

Daily Comment (March 16, 2020)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] It has been a very busy three days.  We update the COVID-19 news.  Risk assets reacted favorably to Friday’s press conference at the White House.  However, we are not seeing any follow-through today; global equities are lower and bond yields are down… Read More »

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