Research & News
Daily Comment (March 2, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] It’s March! February seemed unusually long this year. There is lots of news this morning. We are seeing some signs of equity market stabilization, but risk-off markets are also doing really well. We update the COVID-19, including China’s PMI data (quick update—it… Read More »
Asset Allocation Weekly (February 28, 2020)
by Asset Allocation Committee Since the end of the Financial Crisis, there has been a steady deterioration in investment-grade credit quality. This chart shows the percentage of investment-grade bonds rated at BBB. Since late 2018, this portion has represented half of outstanding investment-grade credit. This rating is the lowest end of investment-grade credit, so the dominance… Read More »
Daily Comment (February 28, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Equity markets around the world continue to spiral lower. Turkey and Syria are on the brink of war and Europe may face another refugee crisis in the midst of COVID-19. U.K. talks tough on trade. Here are the details: COVID-19: There are… Read More »
Daily Comment (February 27, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Global equity markets are down again due to the continued spread of COVID-19. U.S. futures are down this morning. We update the latest on the virus, including some thoughts about the Fed’s reaction function. Despite everything, U.S. housing data is looking remarkably… Read More »
Daily Comment (February 26, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] Global equity markets continue under pressure this morning, despite rumors that some Asian “national teams” are trying to support the market. U.S. equity futures are trying to stabilize. We update the COVID-19 news, along with an update on Brexit. Here are the… Read More »
Daily Comment (February 25, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] After a deep selloff yesterday, equity markets around the world are mixed. We are seeing some retreat in the flight-to-safety assets after a massive rally yesterday in gold and Treasuries. As usual, we update news on the COVID-19. The president wraps up… Read More »
Weekly Geopolitical Report – Investment Implications of Changing Demographics: Part II (February 24, 2020)
by Patrick Fearon-Hernandez, CFA In Part I of this report, we looked at current key global population trends. The report showed how plunging birth rates have been weighing on population growth and boosting average ages all over the world, potentially having a huge impact on the distribution of geopolitical power, economic prospects and future investment… Read More »
Daily Comment (February 24, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] It’s “red Monday” – global equities are taking a hit as the COVID-19 virus is starting to look like a global pandemic. Risk assets are down around the world while most risk-off assets, gold and Treasuries, are rallying. We cover three elections… Read More »