Research & News
Asset Allocation Bi-Weekly – The Problem of Financial Conditions (May 31, 2022)
by the Asset Allocation Committee | PDF Among the financial pundit class, there has been a growing call to weaken financial conditions. What are financial conditions? They include credit spreads, the level of interest rates, the level of equities, the level of market volatility, the dollar’s exchange rate, etc. Weaker financial conditions mean that borrowing… Read More »
Weekly Energy Update (May 26, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil prices have been mostly holding steady this week. (Source: Barchart.com) Crude oil inventories fell 1.0 mb compared to a 2.1 mb draw forecast. The SPR declined 6.0 mb, meaning the net draw was 7.0 mb. In the details, U.S. crude oil production… Read More »
Bi-Weekly Geopolitical Report – Going Nuclear with North Korea (May 23, 2022)
by Thomas Wash | PDF At nearly 5,000 nuclear warheads, Ukraine had one of the largest nuclear arsenals in the world on its territory. If Ukraine hadn’t transferred those weapons to Russia in 1996, it is unlikely that Moscow would have invaded. North Korea believes it is facing a similar threat which is why it… Read More »
Weekly Energy Update (May 19, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil prices have moved higher this week, touching technical resistance at $115 per barrel. (Source: Barchart.com) Crude oil inventories unexpectedly fell 3.4 mb compared to a 1.6 mb build forecast. The SPR declined 5.0 mb, meaning the net draw was 8.4 mb. In… Read More »
Asset Allocation Bi-Weekly – The FOMC Speaks (May 16, 2022)
by the Asset Allocation Committee | PDF On May 4th, the FOMC announced its policy changes. The Fed moved its fed funds target by 50 bps, the fastest increase in 22 years; the last hike of this amount was in May 2000. In the press conference, Chair Powell scotched the notion of a greater than… Read More »
Weekly Energy Update (May 12, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices have been volatile over the past few days. A number of factors have been at play. However, the chart suggests a price range is developing between $100 to $110 per barrel. (Source: Barchart.com) Crude oil inventories unexpectedly rose 8.5 mb compared to… Read More »