Research & News
Keller Quarterly (April 2021)
Letter to Investors | PDF Here we are again, with the U.S. stock market rising nicely and hitting new highs. I am getting two questions almost daily. The first is: “Is this real?” That’s a way of asking, “Can you trust this rally?” Our firm has, since the middle of last year, been consistent in… Read More »
Daily Comment (April 22, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, and happy Earth Day! It’s a busy Thursday, with lots of items to cover. U.S. equity futures are steady to lower this morning. Our coverage begins with Biden’s two-day climate summit. The ECB holds its meeting, and we… Read More »
Weekly Energy Update (April 22, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After the recent rally in prices, the market is consolidating recent gains and establishing a larger trading range between $68 to $58 per barrel. (Source: Barchart.com) Crude oil inventories rose 0.6 mb compared to the 3.4 mb draw expected. The SPR fell 0.7 mb,… Read More »
Daily Comment (April 21, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with a few key U.S. developments that are likely to affect financial markets today. President Biden will reportedly call for an aggressive 50% cut in U.S. greenhouse gas emissions, which will likely raise concerns about new regulations… Read More »
Asset Allocation Quarterly (Second Quarter 2021)
by the Asset Allocation Committee | PDF Monetary and fiscal stimulus are expected to help propel the U.S. economy through recovery into expansion over our three-year forecast period. Global central banks have been, and should continue to be, excessively accommodative as the world emerges from lockdowns caused by the pandemic. Inflation numbers may appear stark… Read More »
Daily Comment (April 20, 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 the latest developments on President Biden’s proposed package of infrastructure and other economic measures. We then pivot to the international news most likely to affect the financial markets today. As is often the case,… Read More »
Weekly Geopolitical Report – What Population Aging Means for Global Inflation and Growth (April 19, 2021)
by Patrick Fearon-Hernandez, CFA | PDF One key worry for investors these days is whether fiscal stimulus, loose monetary policy, and accelerating economic growth will spark runaway inflation. That concern has been a major factor in driving down fixed income prices and boosting bond yields since the start of the year. However, we’ve been arguing… Read More »
Daily Comment (April 19, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, and happy Monday! Global equity markets are mixed this morning, with U.S. equity futures taking a breather. Our coverage this morning starts with bitcoin, which had a rather wild weekend. Russia news follows and includes several items. China… Read More »
Daily Comment (April 16, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, all! It has been a relatively quiet news day so far. U.S. equities are expected to open higher following strong earnings from financial firms. We will begin our coverage with more details about the Russian sanctions. International news… Read More »