Research & News

Daily Comment (August 12, 2022)

by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning. Today’s Comment starts with a discussion of tensions in Asia and how they could impact global supply chains. Next, we review the ongoing energy crisis in Europe and its effects on the global economy. Finally, we conclude with our thoughts… Read More »

Daily Comment (August 11, 2022)

by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment is divided into two main sections, starting with reactions from the market and the Fed to the latest CPI data. We include our thoughts on whether the Fed will pivot and why we are not convinced that inflation… Read More »

Weekly Energy Update (August 11, 2022)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices have broken support but appear to be basing around $88 per barrel. Crude oil inventories rose 5.5 mb compared to a 1.0 mb draw forecast.  The SPR declined 5.3 mb, meaning the net build was 0.2 mb. In the details, U.S. crude oil… Read More »

Daily Comment (August 10, 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, including lots of new developments related to the world’s energy markets.  We next review a wide range of other international and U.S. developments with the potential to affect the financial markets… Read More »

Daily Comment (August 9, 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, including new estimates of Russian military casualties to date and a call from the Ukrainian president to accept nothing less than total victory.  We next review a wide range of other… Read More »

Daily Comment (August 8, 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 the main news focuses on fighting around a major nuclear power plant and Russian preparations to hold a sham referendum on annexing the territories it occupies to Russia.  We next… Read More »

Asset Allocation Bi-Weekly – The Devil Is in the Details (August 8, 2022)

by the Asset Allocation Committee | PDF U.S. policymakers used deregulation and globalization to corral inflation from 1966 to 1982.  Unfortunately, that policy was at odds with America’s superpower role, which required the U.S. to act as global importer of last resort.  If the U.S. didn’t consume all the goods the world wanted to sell… Read More »

Daily Comment (August 5, 2022)

by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Today’s Comment starts with a focus on the potential spillover effects of Russia’s invasion of Ukraine. Next, we examine policymakers’ dilemma of whether to promote growth or contain inflation. We conclude by discussing a possible rightward shift in U.S. policy. Russia: The… Read More »

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