Research & News
Asset Allocation Weekly (November 20, 2020)
by Asset Allocation Committee | PDF In the aftermath of the election and favorable news on vaccine progress, we have seen a notable backup in interest rates. The 10-year T-note yield is flirting with 1%. In this report, we will examine the future path of long-duration interest rates. We start with our 10-year T-note yield… Read More »
Daily Comment (November 19, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy World Philosophy Day! The winter surge in the pandemic is weighing on risk markets this morning. We update the progress of the Eurobond; delays have cropped up. We also update the EU’s stance on tech firms. … Read More »
Weekly Energy Update (November 19, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF (N.B. Due to the Thanksgiving Day holiday, the next report will be published on December 3.) Here is an updated crude oil price chart. Positive news on a vaccine for COVID-19 led to a strong rally this week, taking prices to the upper end… Read More »
Daily Comment (November 18, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today opens with the latest news regarding the U.S. presidential election and transition. In sum, all trends in terms of legal challenges and transition procedures appear to be moving in favor of Vice President Biden. We also… Read More »
Daily Comment (November 17, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today opens with U.S. political and policy news. We also discuss new challenges for both Chinese bonds and Chinese equities. In the pandemic arena, we note the continued resurgence in infections in both the U.S. and Europe,… Read More »
Weekly Geopolitical Report – An Ant Problem (November 16, 2020)
by Bill O’Grady | PDF Although the U.S. elections were the major story during the first week of November, another notable, but somewhat overshadowed, event did occur, namely, when Chinese regulators forced Ant Group to suspend its initial public offering. Ant Group, an affiliated firm of Alibaba Group (BABA, USD 294.04), was preparing to launch… Read More »
Daily Comment (November 16, 2020)
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 higher again this morning on positive vaccine news (see below). We start our coverage this morning with the new Asian trade agreement. Political turmoil in Peru is up next. There is… Read More »
Daily Comment (November 13, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Friday the 13th! U.S. equity futures are rebounding after a drop yesterday. We lead off with the Fed, with a recant of yesterday’s thoughts about the two open governor positions; we also note the comments from… Read More »
Asset Allocation Weekly (November 13, 2020)
by Asset Allocation Committee | PDF In our most recent Asset Allocation quarterly rebalance, we addressed the potential for election-related market disruption. In the end, we made only modest defensive adjustments to the portfolios and instead focused our allocations on continued policy support and economic recovery. In this week’s report, we will look at the… Read More »