Research & News
Daily Comment (July 3, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Note: There will not be a Daily Comment tomorrow due to the holiday. Our Comment today opens with an important sign that foreign central banks may be preparing to support the dollar and drive their currencies back down — a move that… Read More »
Daily Comment (July 2, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the US Senate’s passage yesterday of President Trump’s singular “big, beautiful” tax-and-spending bill. We next review several other international and US developments with the potential to affect the financial markets today, including monetary policy discussions by a… Read More »
Daily Comment (July 1, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the latest on US trade policy. Specifically, we note that the Trump administration has apparently shifted tactics as the president’s July 9 deal deadline approaches. We next review several other international and US developments with the potential… Read More »
Daily Comment (June 30, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning. Markets remain squarely focused on the “One Big, Beautiful Bill.” Today’s Comment will begin with an analysis of the latest progress on President Trump’s tax bill, followed by an overview of recent trade developments. We’ll also examine other stories moving… Read More »
Asset Allocation Bi-Weekly – The Hidden Battle in the “One Big, Beautiful Bill” (June 30, 2025)
by Thomas Wash | PDF Tucked within the (ironically named) One Big, Beautiful Bill Act lies a provision that could dramatically reshape international capital flows. Section 899, colloquially termed the “revenge tax,” would empower the federal government to impose escalating taxes on the US passive income of individuals and corporations in countries with tax policies… Read More »
Daily Comment (June 27, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Markets remain squarely focused on US-China trade developments as key deadlines approach. Today’s Comment will discuss the latest progress on the administration’s trade legislation, implications of downward GDP revisions, and other market-moving headlines. We’ll conclude with our regular roundup of… Read More »
Daily Comment (June 26, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Markets are intently focused on the latest Fed developments. Today’s Comment examines the growing conservative support for wealth taxes, the potential White House pressure on Chair Powell, and the new challenge facing the leader of the European Commission. As always,… Read More »
Daily Comment (June 25, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Markets are breathing a sigh of relief as tensions in the Middle East show signs of easing, helping stabilize risk sentiment. In today’s Comment, we’ll break down the key takeaways from Fed Chair Jerome Powell’s first day of congressional testimony,… Read More »