Research & News
Weekly Energy Update (March 25, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices have declined over $10 per barrel since peaking on March 8. Worries about slowing European growth and a slower than expected recovery in refinery operations after the Texas freeze have weighed on prices. Crude oil… Read More »
Weekly Geopolitical Report – The Geopolitics of Central Bank Digital Currencies (CBDC): Part II (March 22, 2021)
by Bill O’Grady | PDF In Part I, we discussed the metaphysics of money. This week, we will examine the current structure of money and the potentially complicated impact of CBDC. The Current Structure Here is a Venn diagram of the current structure of money in most developed markets. First, there are two forms of… Read More »
Asset Allocation Weekly (March 19, 2021)
by Asset Allocation Committee | PDF When discussing the fiscal deficit in a meeting with then-President Bill Clinton and his Council of Economic Advisors, Chief Strategist James Carville was quoted as saying, “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a… Read More »
Weekly Energy Update (March 18, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices are consolidating in the low $60s. Crude oil inventories rose 2.4 mb which was in line with forecast. There was no change in the SPR. We did see a recovery in refinery operations but not… Read More »
Weekly Geopolitical Report – The Geopolitics of Central Bank Digital Currencies (CBDC): Part I (March 15, 2021)
by Bill O’Grady | PDF There has been a surge in interest in digital currencies among the world’s central banks. The triggering event was probably Facebook’s (FB, USD, 264.28) unveiling of the LIBRA project in June 2019. Digital currencies of various stripes have been around for some time; bitcoin (BTR, USD, 49,989.80), introduced in 2009,… Read More »
Asset Allocation Weekly (March 12, 2021)
by Asset Allocation Committee | PDF With the U.S. dollar apparently poised for what could be a long phase of depreciation, investors are naturally looking more closely at foreign stocks for future growth. Japan has been a prime focus, not only because it sports the world’s third-largest economy and the third-largest equity market, but also… Read More »
Weekly Energy Update (March 11, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices are consolidating in the low $60s. Crude oil inventories rose again, defying expectations of a draw. Stockpiles increased 13.8 mb when a draw of 3.0 mb was forecast. There was no change in the SPR. … Read More »