Research & News
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 »
Daily Comment (July 28, 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 latest reporting hints that the US might continue its pause in attacks in order to let its new financial sanctions on Iran have an impact. We next review… Read More »
Bi-Weekly Geopolitical Report – The Corporatist State and Its Investment Implications (July 27, 2026)
by Patrick Fearon-Hernandez, CFA | PDF From personal experience, most of us understand that humans often focus on issues in the here and now rather than big, abstract trends that are hard to understand or categorize. We tend to get caught up in the stresses of everyday life. Perhaps we get up in arms about… Read More »
Daily Comment (July 27, 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 both the US and Iran have paused their attacks on each other, sparking a sharp fall in oil prices. We next review several other international and US developments that… Read More »