Research & News
Weekly Geopolitical Report – Biden’s Foreign Policy (August 24, 2020)
by Bill O’Grady | PDF Traditionally, Labor Day is considered the point when an increasing number of Americans start paying attention to the November elections. As part of our analysis of the candidates, we create dossiers of the candidates and the leading figures with whom they surround themselves. In this report, we will comment on… Read More »
Daily Comment (August 24, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF It’s Monday and the last full week of August (that month went by fast, didn’t it?)! There is a lot going on this morning. We have twin tropical storms, one already in the Gulf of Mexico and the other on… Read More »
Daily Comment (August 21, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Friday! Equity futures are mostly marking time this morning. We lead off with foreign news; Iran, North Korea, and Russia are the focus. We also update news on China, followed by policy news and the latest on the pandemic. … Read More »
Asset Allocation Weekly (August 21, 2020)
by Asset Allocation Committee | PDF One of the relationships we monitor is retail money market levels (RMMKs). In theory, any available liquidity could conceivably end up purchasing equities. But, RMMKs are used by investors in their brokerage accounts and thus are probably “closer” to equities compared to other forms of “near money,” such as… Read More »
Daily Comment (August 20, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We are seeing some reversals of recent trends in the wake of the Fed minutes. Currently, equity markets are lower this morning. Some of the weakness is being attributed to the lack of new fiscal stimulus, but we think a… Read More »
Weekly Energy Update (August 20, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. The oil market has stabilized at higher levels after April’s historic collapse. Crude oil inventories fell less than anticipated, declining 1.6 mb compared to forecasts of a 2.9 mb decline. The SPR declined 2.7 mb as… Read More »
Daily Comment (August 19, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF On this, the 29th anniversary of the August 1991 coup in the Soviet Union, it looks like the U.S. equity market will follow through on its rise yesterday to a new record-high close. Today’s apparent follow-through comes despite very little… Read More »
Daily Comment (August 18, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF The modest uptick in risk assets so far today comes despite new U.S. moves to punish Chinese companies on national security and economic policy grounds, as well as the continued stalemate over a new U.S. coronavirus relief bill. We review… Read More »