Research & News
Daily Comment (June 21, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Monday, the day after the summer solstice. Days will get shorter from here! We are watching the destruction waged by TS Claudette that moved through the Southeast over the weekend. The storm is on its way back to the… Read More »
Daily Comment (June 18, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, all! U.S. equities appear to be headed for a lower open this morning. Today’s report begins with a discussion on the surge in reverse repos. International news follows, with reports on the Iranian presidential election and Nicholas Maduro… Read More »
Asset Allocation Weekly (June 18, 2021)
by the Asset Allocation Committee | PDF As the global economy begins to recover from the coronavirus, we’ve been warning that the apparent surge in price inflation may not be all that it seems. Inflation is usually calculated as the percentage change over one year. Since many consumer prices stagnated or fell at the start… Read More »
Daily Comment (June 17, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We begin this morning in the wake of the Fed surprise. As we discuss in detail below, the Fed made a hawkish turn, and we are getting the expected reaction—equities are lower, the dollar is up, and precious metals and… Read More »
Weekly Energy Update (June 17, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices are moving steadily higher in an orderly fashion. (Source: Barchart.com) Crude oil inventories fell 7.4 mb compared to the 2.0 mb draw expected. The SPR fell 0.9 mb, meaning without the addition from the reserve, commercial inventories would have declined 8.2 mb.… Read More »
Daily Comment (June 16, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We open today’s Comment with loads of U.S. policy news, followed by remarks on today’s U.S.-Russia summit meeting. We next discuss a wide range of international developments. We close with the latest news about the coronavirus pandemic. Finally, with the… Read More »
Daily Comment (June 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF In today’s Comment, we open with news related to President Biden’s trip to Europe. Not only is there a lot of political news in Europe, but European stocks have posted a string of records. We also discuss the start of… Read More »
Weekly Geopolitical Report – The Geopolitics of the Colonial Pipeline Ransomware Attack: Part I (June 14, 2021)
by Bill O’Grady | PDF On Thursday, May 6, 2021, hackers attacked the Colonial Pipeline, capturing data by infiltrating the company’s business software. In response, the company closed its 5,500-mile pipeline to assess the damage and protect critical infrastructure. Eventually, the company paid the ransom and service was restored. Although a criminal event usually doesn’t… Read More »
Daily Comment (June 14, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, and happy Monday! U.S. equity futures are mostly flat this morning. We are seeing sharply lower gold prices, most likely because cryptocurrencies have stopped declining. Our coverage begins with the FOMC, which holds a policy meeting this week. … Read More »