Research & News
Daily Comment (May 10, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an overview of the devastating heatwave in Southeast Asia and the latest on the Russia-Ukraine war. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today,… Read More »
Daily Comment (May 9, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with a key report on Chinese international trade that points to an early slowdown in the Chinese and global economies. We next review a wide range of other international and U.S. developments with the potential to affect the… Read More »
Daily Comment (May 8, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with more signs that major countries and companies are shoring up their alliances and operations to counter China’s increasing geopolitical aggressiveness. We next review a wide range of other international and U.S. developments with the potential to affect… Read More »
Asset Allocation Bi-Weekly – Why We Are Keeping Duration Short (May 8, 2023)
by the Asset Allocation Committee | PDF Financial markets are complicated, and when faced with complication, there is an incentive to simplify. This simplification process takes on several forms, including narratives, bromides, adages, etc. Even the modeling process is a form of simplification. Sayings like “don’t fight the Fed” or “cash is trash” are often… Read More »
Daily Comment (May 5, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment starts with our thoughts about the recent changes to monetary policy in Europe and the U.S. Next, we explain why safe-haven assets have become more attractive over the last few days. Finally, the report ends with a discussion… Read More »
Daily Comment (May 4, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! In the wake of the FOMC, it’s mostly a risk off day so far this morning. Treasury yields were lower overnight, but have reversed higher, the dollar and equities are lower, oil is modestly higher after a hard sell off,… Read More »
Weekly Energy Update (May 4, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Recession fears are gripping the oil market, sending prices toward lows last seen in March. (Source: Barchart.com) Commercial crude oil inventories fell 1.3 mb compared to the forecast draw of 1.5 mb. The SPR fell 2.0 mb, putting the total draw at 3.3 mb.… Read More »
Daily Comment (May 3, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with a word on global oil supplies and prices, where a new tanker seizure by Iran would seemingly boost crude oil prices but growing concerns over recession have pushed those prices sharply lower so far today. We next… Read More »
Daily Comment (May 2, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with a report showing an acceleration in the Eurozone’s consumer price inflation. While the acceleration was modest, it could still encourage a more aggressive interest-rate hike by the European Central Bank at its policy meeting on Thursday. We… Read More »