Research & News
Daily Comment (March 25, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning! U.S. equity markets have turned lower this morning. Our coverage begins with the pandemic, with a focus on the mess that Chancellor Merkel finds herself in with elections coming in autumn. China coverage follows; the diplomatic spat between… Read More »
Weekly Energy Update (March 25, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices have declined over $10 per barrel since peaking on March 8. Worries about slowing European growth and a slower than expected recovery in refinery operations after the Texas freeze have weighed on prices. Crude oil… Read More »
Daily Comment (March 24, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with the ongoing testimony before Congress from Federal Reserve Chair Powell and Treasury Secretary Yellen. Both officials will wrap up their testimony before the Senate today. We next turn to various overseas developments, including elections in Israel,… Read More »
Daily Comment (March 23, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF In today’s Comment, we first provide an overview of the evolving infrastructure and economic plan being developed within the Biden administration. Complementing the additional fiscal stimulus from that bill, we note that Federal Reserve Chair Powell will begin two days… Read More »
Weekly Geopolitical Report – The Geopolitics of Central Bank Digital Currencies (CBDC): Part II (March 22, 2021)
by Bill O’Grady | PDF In Part I, we discussed the metaphysics of money. This week, we will examine the current structure of money and the potentially complicated impact of CBDC. The Current Structure Here is a Venn diagram of the current structure of money in most developed markets. First, there are two forms of… Read More »
Daily Comment (March 22, 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 turning modestly higher as Treasury yields have turned a bit lower this morning. We are seeing a pattern where lower yields tend to lift tech over other sectors. Our coverage begins… Read More »
Daily Comment (March 19, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We have published our latest Weekly Geopolitical Report, which constitutes Part I of our new series on the geopolitics of Central Bank Digital Currencies (CBDC). We also have several other recent multimedia offerings. There is a new chart book recapping… Read More »
Asset Allocation Weekly (March 19, 2021)
by Asset Allocation Committee | PDF When discussing the fiscal deficit in a meeting with then-President Bill Clinton and his Council of Economic Advisors, Chief Strategist James Carville was quoted as saying, “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a… Read More »