Research & News
Daily Comment (July 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. There are two meetings of note this morning. First, President Biden meets with Chancellor Merkel for her last official visit before she leaves office in September. Expect lots of warm comments, but the obvious drift in policy between… Read More »
Weekly Energy Update (July 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices appear to be consolidating between $72 to $76 per barrel. (Source: Barchart.com) Crude oil inventories fell 7.9 mb compared to the 4.4 mb draw expected. The SPR was unchanged this week. In the details, U.S. crude oil production rose 0.1 mbpd to 11.4… Read More »
Daily Comment (July 14, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We open today’s Comment with news that Democrats have agreed that their “soft” infrastructure plan will total some $3.5 trillion in spending, though details still need to be worked out, and the proposal will face tough sledding in Congress. Next,… Read More »
Daily Comment (July 13, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF In today’s Comment, we begin with the latest developments regarding the infrastructure spending bills making their way through Congress and the outlook for the Federal Reserve’s monetary policy. We next review the latest signs of U.S.-China economic decoupling and geopolitical… Read More »
Weekly Geopolitical Report – Unrest in Colombia (July 12, 2021)
by Patrick Fearon-Hernandez, CFA | PDF When you find yourself surrounded by a squad of masked, black-clad fighters with their machine guns aimed at you, you can be pretty sure you’re about to have a bad day. The sense of foreboding was especially strong when this happened to me on a deserted road high up… Read More »
Daily Comment (July 12, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning. The All-Star break is upon us, the unofficial marking of midsummer. U.S. equity futures are mixed this morning, with the S&P 500 lower but the NASDAQ higher. Another heat dome has emerged for the western third of the… Read More »
Daily Comment (July 9, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, all! U.S. equities appear to be headed for a higher open this morning. Today’s report begins with a discussion of what happened in the financial markets yesterday. International news follows, with the EU’s decision to boost its anti-money… Read More »
Asset Allocation Weekly (July 9, 2021)
by the Asset Allocation Committee | PDF In our report from June 25, we discussed the data from the Financial Accounts of the U.S., otherwise known by its original name, the Flow of Funds Report. There is a section of the report that comes out a couple weeks after the initial release known as the… Read More »
Weekly Energy Update (July 9, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After rising above $76 per barrel on news of the OPEC+ impasse (see below) prices have corrected modestly. (Source: Barchart.com) Crude oil inventories fell 6.9 mb compared to the 4.0 mb draw expected. The SPR fell 1.2 mb, meaning without the addition from the… Read More »