Research & News
Daily Comment (June 30, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] U.S. risk assets are little changed today as encouraging economic data out of China is being largely offset by reports of renewed coronavirus outbreaks and lockdowns in many key U.S. states and some foreign localities. At the same time, geopolitics are rising… Read More »
Weekly Geopolitical Report – The Geopolitics of the Eurobond (June 29, 2020)
by Bill O’Grady | PDF (N.B. Due to the Independence Day holiday, the next report will be published on July 13.) A global hegemon provides two broad categories of public goods. The first is security. A successful hegemon enforces some degree of global security as it has the ability to project power globally. This power… Read More »
Daily Comment (June 29, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning, and happy Monday! U.S. equity futures are currently pointing to a modest rise in a holiday-shortened week. We update the COVID-19 news. In foreign news, we cover the Poland elections and a new government in Ireland. The end of stimulus… Read More »
Daily Comment (June 26, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] The 13th episode of the Confluence of Ideas podcast is available; it is our first in a series of episodes on the November elections. Additionally, there is something new! As usual, we have a new Asset Allocation Weekly in today’s report (which… Read More »
Asset Allocation Weekly (June 26, 2020)
by Asset Allocation Committee (N.B. Due to the Independence Day holiday, the next report will be issued on July 10, 2020.) Since 2008, some central banks have implemented negative policy interest rates. Standard economics suggests that negative nominal rates on deposits are impossible because holders could simply liquidate the deposit and “put the money under the… Read More »
Daily Comment (June 25, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] The 13th episode of the Confluence of Ideas podcast is available; it is our first in a series of reports on the November elections. Good morning, all. Lots going on today. For the second consecutive day, we are starting with weaker equity… Read More »
Weekly Energy Update (June 25, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA (NB: Due to the upcoming Independence Day holiday, the next report will be published on July 9.) Here is an updated crude oil price chart. The oil market has stabilized at higher levels after April’s historic collapse. Crude oil inventories rose less than market expectations, with… Read More »
Daily Comment (June 24, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] Good morning! The 13th episode of the Confluence of Ideas podcast is available; the topic is the first in a series of episodes on the November elections. Equity futures are lower this morning; market talk suggests it’s due to rising COVID-19 infections,… Read More »