Research & News
Daily Comment (July 25, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with President Trump’s recent visit to the Federal Reserve, a key event highlighting the ongoing tensions between the president and the Fed chair, which continue to influence market sentiment. We will also analyze other significant international and domestic developments… Read More »
Daily Comment (July 24, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today begins with a focus on US trade policy, specifically the growing concerns about the recent agreements. We will also examine other significant international and domestic developments impacting financial markets, including the increasing influence of AI and escalating geopolitical tensions.… Read More »
Daily Comment (July 23, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the new US trade deals with Japan, Indonesia, and the Philippines, which were announced late yesterday. We next review several other international and US developments with the potential to affect the financial markets today, including several news… Read More »
Daily Comment (July 22, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with news that China is preventing yet another US citizen from leaving the country, a move that will likely raise US-China tensions. We next review several other international and US developments that could affect the financial markets today,… Read More »
Keller Quarterly (July 2025)
Letter to Investors | PDF Three months ago, the market was reeling in the wake of President Trump’s new tariff regime. By June 30, however, the S&P 500 had closed at an all-time high. What changed? The most-cited reason was that the market decided that Mr. Trump was using his initial high tariffs simply as… Read More »
Daily Comment (July 21, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the latest update regarding the damage inflicted on Iran’s nuclear program by last month’s US and Israeli attacks. We next review several other international and US developments with the potential to affect the financial markets today, including… Read More »
Asset Allocation Bi-Weekly – Stablecoin: Treasury’s Next Big Bet? (July 21, 2025)
by Thomas Wash | PDF Mounting national debt and tightening financing conditions are pushing the US Treasury to rethink traditional funding strategies, and stablecoins have emerged as an unexpected contender. Minutes from April’s Treasury Quarterly Refunding meeting reveal that officials are actively evaluating the use of stablecoins for buying US debt. This signals a strategic… Read More »
Daily Comment (July 18, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with escalating Ukrainian drone attacks on Moscow, St. Petersburg, and other areas of Russia that could potentially prompt Kremlin retaliation against the US. We next review several other international and US developments with the potential to affect the… Read More »