Research & News
Daily Comment (August 6, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with our thoughts on the rising number of AI tools going rogue. We then focus on PMI reports and what they say about the state of the economy. Next, we turn to the latest developments in Iran, the Fed… Read More »
Daily Comment (August 5, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with an analysis of the recent push by the US and Iran toward an interim deal over the Strait of Hormuz. We then examine the results of Tuesday’s primaries and what they could mean for the upcoming midterms. Next,… Read More »
Daily Comment (August 4, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the war in Iran. We next review several other international and US developments that could affect the financial markets today, including a new immigration crisis in Europe and an unexpected early test of the… Read More »
Daily Comment (August 3, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with an update on the war in Iran, where the US has again called off a planned attack, pushing global energy prices down so far this morning. We next review several other international and US developments that could… Read More »
Asset Allocation Bi-Weekly – The PCE Makeover (August 3, 2026)
by Thomas Wash | PDF The Federal Reserve’s preferred gauge of price inflation is set for a methodological update, as the Bureau of Economic Analysis (BEA) is expected to implement revisions to its price index for Personal Consumption Expenditures (PCE) as early as September. Early estimates suggest the changes will modestly lower measured PCE inflation,… Read More »
Daily Comment (July 31, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with thoughts on the possibility that Japan intervened in its currency market. We then examine Saudi Arabia’s push for a military coalition in the Red Sea. Additionally, we discuss the White House’s deal with Hamas to disarm, the US’s… Read More »
Daily Comment (July 30, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment begins with our take on the latest FOMC meeting and the shift away from forward guidance. We then examine the ongoing debate concerning open versus closed AI, followed by a brief update on the Iran conflict, central bank gold buying,… Read More »
Daily Comment (July 29, 2026)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment opens with the latest escalation in the Iran conflict. We then turn to the Federal Reserve, examining the growing speculation of a potential rate hike at this meeting. Next, we briefly cover Ukraine’s drone campaign inside Russia, the US crackdown… Read More »
Asset Allocation Quarterly (Third Quarter 2026)
by the Asset Allocation Committee | PDF We expect no recession over our three-year forecast period, with near-trend GDP growth. Economic growth continues to be driven by business investment. Inflation will likely remain above the Fed’s long-term target but without further acceleration. We expect a cautious Federal Reserve, with inflation limiting the pace and magnitude… Read More »