Research & News
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 »
Daily Comment (April 14, 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 multiple geopolitical developments relating mostly to China, Russia, and the Middle East. In general, the developments point to continued tensions, but that may not be enough to spoil the positive vibe that the quarter’s… Read More »
Daily Comment (April 13, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with various items touching on the trajectory of U.S. fiscal and monetary policy. We next turn to key international news. Finally, we review the latest developments on the coronavirus pandemic and the U.S. economy. While news of… Read More »
Weekly Geopolitical Report – The Geopolitics of Central Bank Digital Currencies (CBDC): Part IV (April 12, 2021)
by Bill O’Grady | PDF This week, we conclude our series on CBDC with market ramifications. Ramifications Money is a seminal good. As our metaphysical discussion examined, economics has tended to avoid forays into the being of money.[1] Accordingly, for the past 150 years, there have been steady changes to the use of money, from… Read More »
Daily Comment (April 12, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning all, and Happy Monday! U.S. equity futures are lower this morning, pausing to refresh after a series of new highs. Our coverage begins with economics and policy. Amazon (AMZN, USD, 3372.22) avoided a unionization vote in Alabama, and… Read More »
Daily Comment (April 9, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. Equity markets are expected to open higher this morning as Treasury yields will likely drop for a fourth consecutive day. We begin our coverage with the Alabama warehouse union vote and the Biden administration’s proposal for a global… Read More »