Research & News
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 »
Daily Comment (January 24, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF In today’s Comment, we open with the building of geopolitical tensions along the Russia-Ukraine border and in the waters off the coast of China. We next review various political and economic developments around the world, including a brief comment regarding this week’s… Read More »
Daily Comment (January 21, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s report begins with Treasury Secretary Yellen’s outlook on inflation. We then turn to a report from the Federal Reserve regarding digital currencies and comment on a few other U.S. economic and policy news items. Next, we discuss details about… Read More »
Weekly Energy Update (January 21, 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 0.5 mb compared to a 2.0 mb draw forecast. The SPR declined 1.3 mb,… Read More »
Asset Allocation Quarterly (First Quarter 2022)
by the Asset Allocation Committee | PDF We anticipate that economic growth will continue, but at a more modest pace than last year, and the potential for a recession within our three-year forecast period remains low. The Fed’s prior intransigence on inflation has yielded to a more hawkish stance leading to expectations for the curtailment… Read More »
Daily Comment (January 20, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Treasury yields have moderated, and equity futures are higher. Today’s report begins with a few items from President Biden’s speech yesterday. Next, we discuss U.S. economic and policy news followed by China-related stories. International news follows, and we end with… Read More »
Daily Comment (January 19, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Today, our Comment begins with remarks regarding yesterday’s market volatility. We next provide an update on the tensions at the Russia-Ukraine border. We then cover a few U.S. and international news items that have the potential to affect the financial markets today,… Read More »