Research & News
Asset Allocation Weekly (June 25, 2021)
by the Asset Allocation Committee | PDF Every quarter, the Federal Reserve publishes the Financial Accounts of the U.S., previously referred to as the Flow of Funds report. The report is huge and provides a balance sheet and income statement of sorts for the economy. The data offer interesting insights into the financial situation of… Read More »
Daily Comment (June 24, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning! Risk assets are trending higher this morning. Although the Fed scare remains in the background, as the markets become accustomed to the change in tone, we are seeing a resumption in earlier trends. China news leads our coverage… Read More »
Weekly Energy Update (June 24, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices are moving steadily higher in an orderly fashion. (Source: Barchart.com) Crude oil inventories fell 7.6 mb compared to the 3.5 mb draw expected. The SPR fell 1.7 mb, meaning without the addition from the reserve, commercial inventories would have declined 9.3 mb.… Read More »
Daily Comment (June 23, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF We open today’s Comment with the latest developments regarding U.S. monetary and fiscal policy, followed by news that a socialist may be poised to become the mayor of a major U.S. city for the first time in decades. Next, we… Read More »
Daily Comment (June 22, 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 regarding U.S. monetary and fiscal policy. We follow that with news on the growing push for tighter antitrust regulation–including in college sports! We then cover various international developments before wrapping up… Read More »
Weekly Geopolitical Report – The Geopolitics of the Colonial Pipeline Ransomware Attack: Part II (June 21, 2021)
by Bill O’Grady | PDF In Part I, we provided an overview of the Colonial Pipeline ransomware attack, followed by reflections on organized crime and why ransomware has become so attractive to criminals. We also described Darkside, the firm involved in the attack. This week, we will conclude with a discussion of why this attack… Read More »
Daily Comment (June 21, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Monday, the day after the summer solstice. Days will get shorter from here! We are watching the destruction waged by TS Claudette that moved through the Southeast over the weekend. The storm is on its way back to the… Read More »
Daily Comment (June 18, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning, all! U.S. equities appear to be headed for a lower open this morning. Today’s report begins with a discussion on the surge in reverse repos. International news follows, with reports on the Iranian presidential election and Nicholas Maduro… Read More »
Asset Allocation Weekly (June 18, 2021)
by the Asset Allocation Committee | PDF As the global economy begins to recover from the coronavirus, we’ve been warning that the apparent surge in price inflation may not be all that it seems. Inflation is usually calculated as the percentage change over one year. Since many consumer prices stagnated or fell at the start… Read More »