Research & News
Daily Comment (April 3, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with several indicators of increasing tensions between the U.S. and members of the evolving China-led geopolitical bloc, including Russia and Saudi Arabia. We next review a range of other international and U.S. developments with the potential to affect… Read More »
Daily Comment (March 31, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with an update on the ongoing banking crisis and how it may impact the real estate sector. Next, we review why precious metals, such as gold, have been able to perform well during a time of heightened… Read More »
Daily Comment (March 30, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! It’s Opening Day for major league baseball. In the financial markets, it’s a “risk on” day: equities and commodities are moving higher, while the dollar is weaker but interest rates have reversed higher. In today’s Comment, we open with China… Read More »
Weekly Energy Update (March 30, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil decisively broke its recent $72-$82 per barrel trading range. Recent weakness was exacerbated by funds that sold out of long crude oil positions. Prices have recovered to the lower end of the previous trading range. We will see if this acts as… Read More »
Daily Comment (March 29, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. banking crisis, where the Senate Banking Committee took testimony yesterday from Federal Reserve Vice Chair for Supervision Barr and other top bank regulators. We next review a wide range of other international… Read More »
Daily Comment (March 28, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. banking crisis. Federal Reserve Vice Chair for Supervision Barr will be testifying on the crisis before the Senate today. We next review a wide range of other international and U.S. developments with… Read More »
Daily Comment (March 27, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. and European banking crises. Fortunately, it is looking more and more like the crises are dissipating for now, although we remain cautious about any other stresses in the financial system because of… Read More »
Asset Allocation Bi-Weekly – Have Policymakers Solved the Tinbergen Problem? (March 27, 2023)
by the Asset Allocation Committee | PDF Central banking was initially created to address commercial bank runs. Commercial banks engage in a liquidity transformation, where they accept deposits, which are mostly available on demand, and turn that liquidity into less-liquid assets, usually loans or securities. Bank revenue comes from capturing this liquidity premium as less-liquid… Read More »