Research & News

Daily Comment (July 16, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] It’s July!  The trading deadline looms in baseball and a few deals (two involving our beloved cross-state team) have already occurred.  Markets, on the other hand, are very quiet.  Here is what we are watching today: The EU vote: The EU Commission… Read More »

Weekly Geopolitical Report – Russia’s Local Elections (July 15, 2019)

by Patrick Fearon-Hernandez, CFA Although Russia hasn’t been in the Western news very much recently, there’s been plenty of action “under the radar” related to the country’s regional and municipal elections this fall. On September 8, governors will be elected in 16 of the country’s 85 regions, including the important city of St. Petersburg.  Legislative… Read More »

Daily Comment (July 15, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy Monday!  China’s GDP came in on expectations but the trend is clearly showing that growth is slowing.  The EU Commission vote is this week.  Global debt is growing.  Tropical Storm Barry is now moving into Missouri.  Here is what we are… Read More »

Asset Allocation Weekly (July 12, 2019)

by Asset Allocation Committee The recent testimony from Chair Powell to Congress made it quite clear that the U.S. central bank is likely to cut rates at the end of July.  For the equity markets, the key issue is whether the shift away from tightening to easing will be enough to avoid recession.  If the rate… Read More »

Daily Comment (July 12, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Happy Friday!  We’re almost to the weekend, but before we get there, we still have some important developments to keep track of.  We’re seeing some potentially positive developments in the trade row between Japan and South Korea, but on the other hand,… Read More »

Daily Comment (July 11, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good Morning!  Equities continue to trend higher on Powell’s testimony yesterday.  Trade tensions are elevated.  The Persian Gulf heats up.  Here is what we are watching today: Powell:  The chair returns to the hill today but the second day is usually a… Read More »

Daily Comment (July 10, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning!  Other than oil, most markets were lower this morning in front of Powell’s testimony.  However, in the wake of his prepared remarks, U.S. equity futures have rallied.  Precious metals are up, the dollar is down and Treasuries are flat.  Here… Read More »

Daily Comment (July 9, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning!  It’s an “everything down day” this morning, with both risk-on and risk-off asset values lower.  Most likely this is position-squaring in front of Powell’s testimony.  Here is what we are watching today: Powell: There isn’t too much more to add… Read More »

Daily Comment (July 8, 2019)

by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning and happy Monday!  We are essentially halfway through summer, semi-officially marked by the All-Star Game, the “midsummer classic.”  Trading is quiet; investors should note that activity tends to slow during the summer.  Europe is essentially on holiday to some extent… Read More »

Asset Allocation Weekly (July 5, 2019)

by Asset Allocation Committee Although it’s not official,[1] it appears the current expansion has reached a new record. This chart shows expansions by months since 1850.  The current expansion just reached 121 months, exceeding the 1991-2001 expansion, which was previously the longest. Part of the reason this expansion has lasted so long is because economic growth… Read More »

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