Research & News
Asset Allocation Weekly – Globalization Isn’t What It Used to Be (October 15, 2021)
by the Asset Allocation Committee | PDF The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep…But, most important of all, he regarded this state of affairs… Read More »
Weekly Energy Update (October 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF [N.B. Today’s report was delayed one day due to the Columbus/Indigenous Day holiday.] Prices have moved above $80 per barrel. (Source: Barchart.com) Crude oil inventories rose 6.1 mb compared to the 1.1 build forecast. The SPR declined 0.8 mb, meaning the net draw was… Read More »
Daily Comment (October 14, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. Bank earnings reports are giving a bullish tone to the equity markets this morning. Our coverage begins with the Federal Reserve; the FOMC released its minutes yesterday. Economics and policy come next. Inflation worries are rising. Crypto news… Read More »
Daily Comment (October 13, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment begins with several developments related to major global issues, including the current state of economic growth, supply chains, and energy supplies. We then review various international and U.S. news items, including the Social Security Administration’s latest cost-of-living adjustments… Read More »
Daily Comment (October 12, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with several big and broad crises, including the global energy crunch, China’s clampdown on private firms, and Chinese debt issues. We also cover other foreign and U.S. developments, and we wrap up with the latest on the… Read More »
Weekly Geopolitical Report – AUKUS (October 11, 2021)
by Bill O’Grady | PDF On September 15, the leaders of the U.S., U.K., and Australia announced a new security relationship which includes a nuclear submarine arrangement with Australia. Although it will likely take a couple of decades before Australia will have its own indigenous nuclear propulsion vessels, the treaty means that the U.S. and… Read More »
Daily Comment (October 11, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. It’s Columbus Day and Indigenous People’s Day. Being a commercial bank holiday, the Treasury market is closed, although Treasury futures are trading and would suggest interest rates will continue to rise. It’s also a government holiday, meaning there… Read More »
Daily Comment (October 8, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning! Today’s report begins with our thoughts on China-U.S. trade relations. We then review various international news items followed by U.S. economics and policy. China news is next, and we end with our pandemic coverage. China-U.S.: Tensions between the… Read More »
Asset Allocation Weekly – Has Bitcoin Become a Substitute for Gold? (October 8, 2021)
by the Asset Allocation Committee | PDF Over the last half-decade, one of the most dramatic developments in finance has been investors’ embrace of cryptocurrencies such as Bitcoin. Once considered merely an exotic technology with little relevance to investment portfolios, Bitcoin has now become a popular tool for investing. One reason for its popularity is… Read More »