Research & News
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 »
Daily Comment (August 4, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Today’s Comment begins with a discussion on the central banks’ decision to raise rates despite slowing economic growth. Next, we examine how rising geopolitical risks make it more difficult for firms to rebuild their supply chains. We end the report with an… Read More »
Weekly Energy Update (August 4, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices are testing long-term support near $90 per barrel for crude oil. (Source: Barchart.com) Crude oil inventories rose 4.5 mb compared to a 1.5 mb draw forecast. The SPR declined 4.7 mb, meaning the net draw was 0.2 mb. In the details, U.S. crude… Read More »
Daily Comment (August 3, 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 a revelation that President Biden has personally threatened Chinese President Xi with trade restrictions if China helps Russia with its invasion. We next review a wide range of other international… Read More »
Daily Comment (August 2, 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 Russia continues to struggle with insufficient troop levels to make more significant territorial gains or to better defend against Ukraine’s counteroffensive in the south of the country. We next review… Read More »
Bi-Weekly Geopolitical Report – Political Crises for Top U.S. Allies (August 1, 2022)
by Patrick Fearon-Hernandez, CFA | PDF It’s been a hot summer for some of the United States’ key allies, and we don’t just mean the weather. We’ve seen a major political assassination in Japan, the scandal-driven ouster of a prime minister in the United Kingdom, and a failed vote of confidence that led to the… Read More »
Daily Comment (August 1, 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 details on the first shipment of grain from a Ukrainian port under the recent Turkish-brokered deal for safe passage of food exports from the country. We next review a wide… Read More »
Daily Comment (July 29, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment will begin with a discussion of a broad macroeconomic outlook focusing on the central bank transition away from forward guidance, the U.S. GDP contraction in Q2, and a surge in Eurozone inflation. Next, we discuss U.S.-China relations. Finally,… Read More »