Research & News
Daily Comment (July 6, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning, and happy Monday! U.S. equity futures and global equity markets are moving higher this morning led by China after comments in the state media suggested it’s good to buy stocks. We update the pandemic news. China has several news items… Read More »
Daily Comment (July 2, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning, and happy Thursday! This is the last trading day of the week before the Independence Day holiday, so there will be no Daily Comment tomorrow; enjoy the holiday! Global equity markets are higher this morning on improving global economic data. … Read More »
Daily Comment (July 1, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] A slew of purchasing managers’ indexes from around the world today show manufacturing activity is either growing again, or declining at a much milder pace than at the initial peak of the coronavirus crisis (see tables below). However, renewed infection outbreaks and… Read More »
Daily Comment (June 30, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] U.S. risk assets are little changed today as encouraging economic data out of China is being largely offset by reports of renewed coronavirus outbreaks and lockdowns in many key U.S. states and some foreign localities. At the same time, geopolitics are rising… Read More »
Weekly Geopolitical Report – The Geopolitics of the Eurobond (June 29, 2020)
by Bill O’Grady | PDF (N.B. Due to the Independence Day holiday, the next report will be published on July 13.) A global hegemon provides two broad categories of public goods. The first is security. A successful hegemon enforces some degree of global security as it has the ability to project power globally. This power… Read More »
Daily Comment (June 29, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning, and happy Monday! U.S. equity futures are currently pointing to a modest rise in a holiday-shortened week. We update the COVID-19 news. In foreign news, we cover the Poland elections and a new government in Ireland. The end of stimulus… Read More »
Daily Comment (June 26, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] The 13th episode of the Confluence of Ideas podcast is available; it is our first in a series of episodes on the November elections. Additionally, there is something new! As usual, we have a new Asset Allocation Weekly in today’s report (which… Read More »
Asset Allocation Weekly (June 26, 2020)
by Asset Allocation Committee (N.B. Due to the Independence Day holiday, the next report will be issued on July 10, 2020.) Since 2008, some central banks have implemented negative policy interest rates. Standard economics suggests that negative nominal rates on deposits are impossible because holders could simply liquidate the deposit and “put the money under the… Read More »