Research & News
Asset Allocation Bi-Weekly – The Importance of the Policy Mix (March 13, 2023)
by the Asset Allocation Committee | PDF Based on the strong U.S. economic data so far this year, investors have again become worried that the Federal Reserve will continue to hike interest rates aggressively and keep them high for a prolonged period. We agree that is a significant risk, and the rate hikes to date… Read More »
Daily Comment (March 10, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with our thoughts on the sudden sell-off in equities yesterday. Next, we go over the latest developments in the Middle East and Asia. Finally, we discuss why we are not confident that Haruhiko Kuroda’s exit from the Bank… Read More »
Daily Comment (March 9, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with a discussion about the growing appeal of the U.S. dollar. Next, we examine what the potential impact could be for companies as governments move away from neoliberal policies. Finally, we review why the recent decline in… Read More »
Weekly Energy Update (March 9, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil remains in a trading range between $72-$82 per barrel. (Source: Barchart.com) Crude oil inventories fell 1.7 mb compared to a 1.9 mb build forecast. The SPR was unchanged. In the details, U.S. crude oil production declined 0.1 mbpd to 12.2 mbpd. Exports… Read More »
Daily Comment (March 8, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with energy industry warnings about insufficient oil supplies in the coming years, which is consistent with our positive outlook for commodity prices once the economy gets past the impending recession. We next review a wide range of other… Read More »
Daily Comment (March 7, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with the latest key developments from China’s “two sessions” government meetings. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today, including another round of strikes in… Read More »
Bi-Weekly Geopolitical Report – Enter the Petroyuan (March 6, 2023)
Bill O’Grady | PDF In December, General Secretary Xi made a state visit to the Kingdom of Saudi Arabia (KSA) where he discussed the potential for trading oil in CNY. Although nothing formal was signed on this issue, Xi suggested that the KSA should trade oil and gas using the CNY for settlement. Talks between… Read More »