Research & News
Daily Comment (June 7, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with new, upgraded forecasts for global economic growth from the World Bank. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today, including a big slide today… Read More »
Daily Comment (June 6, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with news that a major venture-capital business, Sequoia Capital, is splitting up into components that largely reflect the global fracturing that we’ve been talking about for so long. We next review a wide range of other international and… Read More »
Daily Comment (June 5, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with some trends in the little-followed monthly report on construction spending. The data suggests that the re-industrialization of the U.S. economy, which we have long expected, is now showing up in the statistical data. We next review a… Read More »
Asset Allocation Bi-Weekly – Weak Capital Investment by State and Local Governments (June 5, 2023)
by the Asset Allocation Committee | PDF The standoff between the Biden administration and congressional Republicans over raising the federal debt limit has prompted us to think more deeply about some important longer-term issues regarding U.S. public spending. As we discuss in this report, a key problem is that one particular type of government investment… Read More »
Daily Comment (June 2, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with the reasons we remain cautious about recent market optimism. We then explain why the Bank of Japan’s move away from yield curve control could hurt bond prices. Finally, we discuss the impact the U.S.-China rivalry has… Read More »
Weekly Energy Update (June 1, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices have been volatile in front of the OPEC+ meeting. (Source: Barchart.com) Commercial crude oil inventories fell a whopping 12.5 mb when compared to the forecast build of 1.5 mb. The SPR fell 1.6 mb, putting the total draw at 14.1 mb. In… Read More »
Daily Comment (June 1, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with our thoughts on the ongoing debate as to whether the Federal Reserve should hike or pause at its next meeting. Next, we explain why the European Union has taken a vested interest in the Western Balkans.… Read More »
Daily Comment (May 31, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with some unexpectedly soft economic figures out of China, which are weighing on global stock markets so far today. We next review a wide range of other international and U.S. developments with the potential to affect the financial… Read More »