Research & News
Daily Comment (April 21, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with a few key U.S. developments that are likely to affect financial markets today. President Biden will reportedly call for an aggressive 50% cut in U.S. greenhouse gas emissions, which will likely raise concerns about new regulations… Read More »
Asset Allocation Quarterly (Second Quarter 2021)
by the Asset Allocation Committee | PDF Monetary and fiscal stimulus are expected to help propel the U.S. economy through recovery into expansion over our three-year forecast period. Global central banks have been, and should continue to be, excessively accommodative as the world emerges from lockdowns caused by the pandemic. Inflation numbers may appear stark… Read More »
Daily Comment (April 20, 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 the latest developments on President Biden’s proposed package of infrastructure and other economic measures. We then pivot to the international news most likely to affect the financial markets today. As is often the case,… Read More »
Weekly Geopolitical Report – What Population Aging Means for Global Inflation and Growth (April 19, 2021)
by Patrick Fearon-Hernandez, CFA | PDF One key worry for investors these days is whether fiscal stimulus, loose monetary policy, and accelerating economic growth will spark runaway inflation. That concern has been a major factor in driving down fixed income prices and boosting bond yields since the start of the year. However, we’ve been arguing… Read More »
Daily Comment (April 19, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, and happy Monday! Global equity markets are mixed this morning, with U.S. equity futures taking a breather. Our coverage this morning starts with bitcoin, which had a rather wild weekend. Russia news follows and includes several items. China… Read More »
Daily Comment (April 16, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, all! It has been a relatively quiet news day so far. U.S. equities are expected to open higher following strong earnings from financial firms. We will begin our coverage with more details about the Russian sanctions. International news… Read More »
Asset Allocation Weekly (April 16, 2021)
by Asset Allocation Committee | PDF In the NBC mockumentary show The Office, the character Jim Halpert gets tricked into choosing his wife, Pam, as “Employee of the Month.” Perplexed and suspicious, coworkers begin to probe into how Jim’s wife was deserving of the award. Pam, who was also surprised, attempts to justify the result,… Read More »
Daily Comment (April 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning all! Risk assets are higher this morning in a quiet trade. We have a long roster of economic data this morning which we cover in detail below. Our coverage begins with the Beige Book, which turned equities lower… Read More »
Weekly Energy Update (April 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After consolidating for a month, prices are starting to move higher. (Source: Barchart.com) Crude oil inventories fell 5.9 mb compared to the 2.4 mb draw expected. The SPR fell 1.1 mb, meaning without the addition from the reserve, commercial inventories would have declined 7.0… Read More »