Research & News
Asset Allocation Weekly (April 9, 2021)
by Asset Allocation Committee | PDF One key worry for investors these days is whether massive 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 beginning of the year. However, we’ve been… Read More »
Daily Comment (April 8, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning all! U.S. equity futures are mostly elevated this morning in the wake of yet another record S&P 500 close. We open commentary this morning with the Fed minutes. Economics and policy follow with corporate taxes in the spotlight. … Read More »
Weekly Energy Update (April 8, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices continue to consolidate in a tight range between $62 and $58 per barrel. (Source: Barchart.com) Crude oil inventories fell 3.5 mb compared to the 2.0 mb draw expected. There was no change in the SPR. Refinery operations have normalized to pre-Texas freeze levels.… Read More »
Daily Comment (April 7, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Today’s Comment opens with various observations concerning monetary and fiscal policy and their implications for U.S. economic growth. We next look at the new report of a possible U.S. and allied boycott of the 2022 Winter Olympics in Beijing over… Read More »
Daily Comment (April 6, 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 new developments that suggest Democrats in Congress could have more options to push through their economic and tax agendas than previously thought. Increased fiscal stimulus, rapidly expanding vaccinations, and economic reopening continue to buoy… Read More »
Daily Comment (April 5, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Monday! The S&P 500 moved above 4,000 last week, and equity futures are moving further higher this morning. Some of the upward pressure is coming from Friday’s employment data, which we recap in today’s comment. BTW,… Read More »
Daily Comment (April 1, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We have published our latest Weekly Geopolitical Report, which constitutes Part III of our series on the Geopolitics of Central Bank Digital Currencies (CBDC). We also have several other recent multimedia offerings. There is a new chart book recapping the… Read More »
Weekly Energy Update (April 1, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After peaking in early March, prices have pulled back to pivot around $60 per barrel. Although recent builds in crude oil are bearish, expectations for stronger economic growth should be supportive for prices. Crude oil inventories fell 0.9 mb compared to the 1.7 mb… Read More »