Research & News
Daily Comment (November 23, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Monday! Equities are higher this morning as a third vaccine candidate shows promise. We begin our coverage with a recap of the G-20. Not much happened, so it will be short. We include foreign policy news.… Read More »
Daily Comment (November 20, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Friday! Equity futures sold off overnight but have recovered from much of their losses. We lead off today’s coverage with the Treasury’s decision to end support for a series of Federal Reserve backstop programs. Pandemic news… Read More »
Asset Allocation Weekly (November 20, 2020)
by Asset Allocation Committee | PDF In the aftermath of the election and favorable news on vaccine progress, we have seen a notable backup in interest rates. The 10-year T-note yield is flirting with 1%. In this report, we will examine the future path of long-duration interest rates. We start with our 10-year T-note yield… Read More »
Daily Comment (November 19, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy World Philosophy Day! The winter surge in the pandemic is weighing on risk markets this morning. We update the progress of the Eurobond; delays have cropped up. We also update the EU’s stance on tech firms. … Read More »
Weekly Energy Update (November 19, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF (N.B. Due to the Thanksgiving Day holiday, the next report will be published on December 3.) Here is an updated crude oil price chart. Positive news on a vaccine for COVID-19 led to a strong rally this week, taking prices to the upper end… Read More »
Daily Comment (November 18, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today opens with the latest news regarding the U.S. presidential election and transition. In sum, all trends in terms of legal challenges and transition procedures appear to be moving in favor of Vice President Biden. We also… Read More »
Daily Comment (November 17, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today opens with U.S. political and policy news. We also discuss new challenges for both Chinese bonds and Chinese equities. In the pandemic arena, we note the continued resurgence in infections in both the U.S. and Europe,… Read More »
Weekly Geopolitical Report – An Ant Problem (November 16, 2020)
by Bill O’Grady | PDF Although the U.S. elections were the major story during the first week of November, another notable, but somewhat overshadowed, event did occur, namely, when Chinese regulators forced Ant Group to suspend its initial public offering. Ant Group, an affiliated firm of Alibaba Group (BABA, USD 294.04), was preparing to launch… Read More »
Daily Comment (November 16, 2020)
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 higher again this morning on positive vaccine news (see below). We start our coverage this morning with the new Asian trade agreement. Political turmoil in Peru is up next. There is… Read More »