Research & News
Daily Comment (June 14, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, and happy Monday! U.S. equity futures are mostly flat this morning. We are seeing sharply lower gold prices, most likely because cryptocurrencies have stopped declining. Our coverage begins with the FOMC, which holds a policy meeting this week. … Read More »
Daily Comment (June 11, 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 an update on the infrastructure spending negotiations and an in-depth analysis of the CPI report. International news follows, with reports of… Read More »
Asset Allocation Weekly (June 11, 2021)
by the Asset Allocation Committee | PDF In May, respondents to the University of Michigan’s monthly Consumer Sentiment Survey said they expect consumer prices to rise at an average rate of 4.6% per year over the next half-decade—the highest level of inflation expectations in 12 years. In this report, we discuss why inflation expectations are… Read More »
Daily Comment (June 10, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning! It’s ECB day as the Eurozone’s central bank holds its regular meeting. It’s also CPI day; we cover the data below, but consumer inflation came in higher than expected. Overnight, U.S. equity futures were mostly steady in front… Read More »
Weekly Energy Update (June 10, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices have moved above the $60 to $68 per barrel trading range and are testing $70 per barrel. (Source: Barchart.com) Crude oil inventories fell 5.2 mb compared to the 3.3 mb draw expected. The SPR fell 1.3 mb, meaning without the addition from… Read More »
Daily Comment (June 9, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF In today’s Comment, we open with some early responses to the G7’s call for a global minimum tax rate on corporations. In a word, it looks like pretty tough sledding for the proposal. Next, we move to U.S. fiscal and… Read More »
Daily Comment (June 8, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We open today’s Comment with a range of reports that ultimately touch on technology, Taiwan, and China. We also explore important trade news out of Europe and new developments in the Peruvian presidential election, where it now looks like a… Read More »
Weekly Geopolitical Report – Taiwan and the Risk of Deglobalizing the World’s Semiconductor Industry: Part II (June 7, 2021)
by Patrick Fearon-Hernandez, CFA | PDF This series is written as a corollary to our recent multi-part WGR series titled “The Geopolitics of Taiwan,” published last month.[1] In Part I of this report, we showed how Taiwan and the Taiwan Semiconductor Manufacturing Company (TSM, $111.85) represent a key vulnerability in the global computer chip industry. … Read More »
Daily Comment (June 7, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, and happy Monday! In the wake of Friday’s rally, U.S. equity futures are mostly steady this morning. Our coverage begins with a look at the G-7 agreement to set a minimum corporate tax. Up next is the president’s… Read More »