Research & News
Keller Quarterly (April 2022)
Letter to Investors | PDF Well, let’s count the things people are worrying about: we’re over two years into a global pandemic, commodity prices are spiking upward, consumer price inflation has risen dramatically, the Fed is raising interest rates, recession worries are spreading, and there’s a war in Europe. I am asked almost every day,… Read More »
Daily Comment (April 22, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s report begins with a discussion of how a hawkish Federal Reserve could impact financial markets and the global economy. Next, we review the latest international news, including developments in the Russian invasion of Ukraine. Afterward, we give a brief… Read More »
Asset Allocation Quarterly (Second Quarter 2022)
by the Asset Allocation Committee | PDF In its efforts to combat inflation, the U.S. Federal Reserve has adopted a much more hawkish monetary policy stance through a combination of raising the fed funds rate and reducing its balance sheet. Global central banks, in contrast, have varying policy responses ranging from extensively accommodative to increasingly… Read More »
Daily Comment (April 21, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s report opens with a discussion of the growing division within Russia over its invasion of Ukraine and what it could mean for emerging markets. Next, we briefly discuss other international news stories and close with our pandemic coverage. Russian… Read More »
Weekly Energy Update (April 21, 2022)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices did break out of a descending triangle, which is bullish, but for the most part, we look for prices to be rangebound for the next six months during the SPR withdrawal. (Source: Barchart.com) Crude oil inventories unexpectedly fell 8.0 mb compared to… Read More »
Daily Comment (April 20, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today begins with an update on the Russia-Ukraine war. Russian forces continue to ratchet up their attacks on eastern and southern Ukraine, and the U.S. is preparing a new shipment of artillery and other heavier arms. We next review a… Read More »
Daily Comment (April 19, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Today, we open our Comment with an update on the Russia-Ukraine war; reports suggest Russian forces have launched the long-anticipated Battle for Donbas. We next review a range of international and U.S. developments with the potential to affect the financial markets. We… Read More »
Daily Comment (April 18, 2022)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the Russia-Ukraine war, where it appears the southeastern city of Mariupol is about to fall to the Russians. We next review a range of international and U.S. developments with the potential to affect the… Read More »
Asset Allocation Bi-Weekly – The Bank of Japan Cocks the Trigger (April 18, 2022)
by the Asset Allocation Committee | PDF In Hollywood movies, the classic device to convey a menacing threat is to have the tough-guy cop pull back the hammer on his revolver and cock the trigger. It’s not enough that the cop just points his gun at the criminal. Once you hear that “click,” you know… Read More »