Research & News
Asset Allocation Weekly (September 4, 2020)
by Asset Allocation Committee | PDF (NB: Due to the Labor Day holiday, the next report will be published on September 18.) The U.S. economy is driven primarily by consumer spending. In 2019, for example, personal consumption expenditures on goods and services accounted for 67.9% of U.S. gross domestic product (GDP). For the economy to… Read More »
Daily Comment (September 3, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Perhaps the biggest news this morning is that equity markets are set to open lower. Equities have continued to rally in an orderly fashion, with the major indices setting new record highs. Stocks have been lifted by improving earnings, low… Read More »
Weekly Energy Update (September 3, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. The oil market has stabilized at higher levels after April’s historic collapse. Crude oil inventories fell more than anticipated, declining 9.4 mb compared to forecasts of a 2.0 mb decline. The SPR declined 1.3 mb; since… Read More »
Daily Comment (September 2, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today, on the 75th anniversary of the end of World War II, we discuss the latest signs of new fiscal and monetary stimulus in the U.S. and indications that policymakers in Europe may take steps to weaken the euro. We… Read More »
Daily Comment (September 1, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF In today’s Comment, we discuss the latest example of renewed U.S.-Russia military tensions, as well as recent developments in the race to succeed Japanese Prime Minister Abe. Today’s purchasing managers’ indexes out of China and Europe were generally positive, suggesting… Read More »
Weekly Geopolitical Report – Trump’s Foreign Policy in a Second Term (August 31, 2020)
by Patrick Fearon-Hernandez, CFA | PDF (As is our custom, we will take a break for the Labor Day holiday. The next report will be published on September 7, 2020.) In our WGR last week, we examined how U.S. foreign policy might look in the event that Democratic Party nominee Joe Biden wins the November… Read More »
Daily Comment (August 31, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Monday on this last day of August. Risk markets are quietly higher this morning. We begin with Japan, as leaders of the LDP jockey to replace Abe. We update the situation in Belarus and then discuss other foreign news. … Read More »
Daily Comment (August 28, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Friday! Equity markets are moving higher this morning; we cover the consumer spending data below. There is a lot happening today. PM Abe, suffering from chronic digestive track issues, has resigned. We recap the historic Powell speech from yesterday. … Read More »