Research & News
Daily Comment (January 31, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF In today’s Comment, we open with the latest developments in the Russia-Ukraine crisis, which will be discussed today at the United National Security Council meeting. We next turn to U.S. news, including a preview of this week’s confirmation hearing for economist Philip… Read More »
Daily Comment (January 28, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s report begins with an update on the Ukraine situation, where tensions may be easing. We then look at U.S. economic and policy news and China-related stories. International news is next, and we conclude with our pandemic coverage. After weeks… Read More »
Daily Comment (January 27, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s report begins with a discussion about the Federal Reserve meeting on Wednesday. Next, we discuss U.S. economics and policy news with an update on the Ukraine situation. We then turn to China-related stories. International news follows, and we end… Read More »
Weekly Energy Update (January 27, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Since troughing in early December, oil prices have been steadily rising due to tightening supplies. We are approaching the highs set in November. (Source: Barchart.com) Crude oil inventories unexpectedly rose 2.4 mb compared to a 1.0 mb build forecast. The SPR declined 1.3 mb,… Read More »
Daily Comment (January 26, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Today’s Comment opens with an update on the Russia-Ukraine crisis, in which the U.S. and its European allies are apparently coalescing around a set of sanctions and other actions to deter Russia from attacking. We next preview today’s Federal Reserve decision on… Read More »
Keller Quarterly (January 2022)
Letter to Investors | PDF As I write this letter, stock markets around the world have spent much of the last three weeks selling off sharply. After peaking on January 4, the S&P 500 has fallen over 12% from that high. This, after it returned over 28% last year (including dividends). In fact, most indices… Read More »
Daily Comment (January 25, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Today’s Comment opens with a rather lengthy discussion of the Russia-Ukraine crisis and what it may mean for the geopolitical trends of the last several decades. We show that the crisis has the potential (though not the certainty) of rolling back some… Read More »
Asset Allocation Bi-Weekly – Real Income versus the Wealth Effect; What is Driving Consumption? (January 24, 2022)
by the Asset Allocation Committee | PDF One of the debates within economics is whether consumption is driven by income or wealth. The outcome of this debate is important for policymakers; if the goal of policy is lifting or constraining growth, knowing which factor is more important to consumption is critical. For example, if the… Read More »