Research & News
Asset Allocation Quarterly (First Quarter 2021)
by the Asset Allocation Committee | PDF The economic recovery is still in the early stages and we maintain that the expected path will be long and slow moving. The Federal Reserve, along with other global central banks, will likely continue to be aggressively accommodative. Another round of fiscal stimulus is expected, which should be… Read More »
Daily Comment (January 19, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Our Comment today opens with the latest news on President-Elect Biden’s incoming administration, followed by a discussion of China’s success in growing its economy in 2020. We also touch on other key foreign news before turning to the latest developments… Read More »
Daily Comment (January 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Good morning. Equity markets are trending lower following Biden’s announcement of additional stimulus. Despite markets being relatively bullish on fiscal stimulus, there is growing concern that the $1.9 trillion price tag may make it harder to pass through Congress. We… Read More »
Asset Allocation Weekly (January 15, 2021)
by Asset Allocation Committee | PDF Rare events can be difficult for financial markets to accommodate. In general, prices in financial markets, which are the sum of estimates about the future, take a while to settle on the impact of something that doesn’t happen often. The recent pandemic, 9/11, the Great Financial Crisis, etc. are… Read More »
Weekly Energy Update (January 14, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices are continuing to march higher. Commercial crude oil inventories fell 3.2 mb, in line with industry forecasts. In the details, U.S. crude oil production was unchanged at 11.0 mbpd. Exports fell 0.6 mbpd, while imports… Read More »
Daily Comment (January 14, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Good morning. Equity markets are moving higher despite the continued lift in interest rates. Our coverage begins with affairs in Washington, the impeachment, and policy. China news comes next. There is an update on the breadth of stock purchase bans… Read More »
Daily Comment (January 13, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Our Comment today opens with a brief review of U.S. political and policy news, as momentum builds for the second impeachment of President Trump. We then review key international developments and, as always, the latest on the coronavirus pandemic and… Read More »
Daily Comment (January 12, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Our Comment today opens with a discussion of the latest U.S. political news, but since the markets have largely looked past the recent turmoil, we don’t go into great detail on the issue. We quickly move on to the latest… Read More »
Weekly Geopolitical Report – The U.S.-China Balance of Power: Part I (January 11, 2021)
by Patrick Fearon-Hernandez, CFA | PDF (Note: Due to Martin Luther King Jr. Day, our next WGR will be published on January 25.) We’ve often written in these reports that one of the most important challenges of the 21st century will be the geopolitical tensions generated as China strengthens and comes into ever greater competition… Read More »