Research & News
Daily Comment (May 1, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with a deep dive into the latest GDP report and its implications for the growth outlook. We then briefly cover President Trump’s new initiative to expand IRA access for low‑income workers, efforts to crack down on international IP theft,… Read More »
Daily Comment (April 30, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our views on Powell’s final meeting as Fed chair. We then examine AI earnings and provide an update on developments in Iran. Next, we briefly discuss the prospect of Japanese intervention in currency markets and the possibility that… Read More »
Daily Comment (April 29, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with an analysis of the UAE’s OPEC exit and its implications for the cartel. We then examine King Charles’s White House visit and what it signals for the US-UK relationship. Next, we discuss the unexpected rise in consumer confidence,… Read More »
Asset Allocation Quarterly (Second Quarter 2026)
by the Asset Allocation Committee | PDF Recession likelihood is low over our three-year forecast period. Base case expects GDP growth near historical trend, with elevated tail risks widening the range of outcomes. Higher energy prices are likely to keep inflation elevated for longer. The Middle East conflict encourages overweights to energy, industrials, defense stocks,… Read More »
Daily Comment (April 28, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a short update on the war in Iran. We next review several other international and US developments with the potential to affect the financial markets today, including a decision by the Bank of Japan to hold its… Read More »
Daily Comment (April 27, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a quick update on the weekend shooting at the White House Correspondents’ dinner and on the war in Iran. We next review several other international and US developments with the potential to affect the financial markets today,… Read More »
Asset Allocation Bi-Weekly – The Consensus Builder (April 27, 2026)
by Thomas Wash | PDF You never really appreciate a good thing until it’s gone. May 15 will be the final day in office for Federal Reserve Chair Jerome Powell, one of the most effective consensus builders in Fed history. Despite an extraordinary series of shocks during his tenure — from the 2019 repo market… Read More »
Daily Comment (April 24, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens by examining early evidence that AI is beginning to reshape labor markets in select sectors. We then turn to Spirit Airlines and how its distress could serve as a gauge of how the US might respond if the war… Read More »