Research & News
Asset Allocation Weekly – An Update on Gold (December 3, 2021)
by the Asset Allocation Committee | PDF Gold moved steadily higher from the late summer of 2018 into August 2020. Prices then declined toward 1,700 and have since traced out a trading range between 1,700 and 1,900. In this report, we will update our views on the metal. (Source: Barchart.com) We have been holding gold… Read More »
Daily Comment (December 2, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. Although U.S. risk markets are trying to stage a rally, U.S. equity futures are struggling to hold gains. The pattern for the week has been for overnight rallies to fail. It is a bearish pattern, as rallies seem… Read More »
Weekly Energy Update (December 2, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices fell sharply on SPR sales and due to the Omicron variant of COVID-19. Crude oil inventories fell 0.9 mb compared to a 1.4 mb build forecast. The SPR declined 1.9 mb, meaning the net draw was 2.9 mb (due to rounding). In… Read More »
Daily Comment (December 1, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF In today’s Comment, we open with Federal Reserve Chair Powell’s testimony to Congress yesterday, which contributed to the day’s big pullback in risk assets (which is on track to be at least partly reversed today). We next review a range… Read More »
Daily Comment (November 30, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF In today’s Comment, we open with highlights from the U.S. labor market, U.S. relations with China and Russia, and a small number of other international developments. However, the bulk of our report deals with the new Omicron variant of the… Read More »
Daily Comment (November 29, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Monday! Risk markets are higher after a rough day on Friday. It’s a big week for Fed speakers, with Chair Powell speaking to Congress tomorrow on pandemic policy. We expect Powell will get lots of questions… Read More »
Daily Comment (November 23, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF N.B.: HOLIDAY SCHEDULE – The Daily Comment will go on hiatus after Tuesday’s report and will return on Monday, November 29. A Weekly Geopolitical Report was published yesterday, and the next report will be available on December 6. There will… Read More »
Weekly Geopolitical Report – The Geopolitics of the Strategic Petroleum Reserves (November 22, 2021)
by Bill O’Grady | PDF (NB: Due to the Thanksgiving holiday, the next report will be published on December 6.) During the 1970s, the world economy suffered through two oil shocks. The first, in 1973, was caused by the Yom Kippur War. The U.S. supported Israel, and the Arab states retaliated with an oil embargo. … Read More »
Daily Comment (November 22, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF N.B.: HOLIDAY SCHEDULE – The Daily Comment will go on hiatus after Tuesday’s report and will return on Monday, November 29. A Weekly Geopolitical Report will be published today, and the next report will be available on December 3. There… Read More »