Research & News
Daily Comment (October 5, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Good morning and happy Monday! Equity markets continue to work higher this morning. We lead off with the president’s condition. Policy news follows, which will focus on the potential for further stimulus. There are three international areas of concern this… Read More »
Daily Comment (October 2, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF The big news this morning is that President Trump and the First Lady have contracted COVID-19. U.S. equity markets are in full retreat on the news. We address some of the potential ramifications. It’s also employment Friday; we cover the… Read More »
Asset Allocation Weekly (October 2, 2020)
by Asset Allocation Committee | PDF The death of Ruth Bader Ginsburg was yet another political shock for 2020 in a year rife with unusual events. The year began with the first official case of COVID-19 in Washington State on January 20. The pandemic and subsequent measures to contain the virus have led to unprecedented… Read More »
Daily Comment (October 1, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF It’s the first day of the fourth quarter and the start of China’s “Golden week.” The EU begins its summit today. U.S. equity markets continue their rally this morning; Tokyo markets were affected by a technical glitch. We begin our… Read More »
Weekly Energy Update (October 1, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. The recent dip in prices remains, although we are seeing some recovery. Crude oil inventories fell when a build was expected. Commercial stockpiles declined 2.0 mb compared to forecasts of a 2.0 mb rise. The SPR… Read More »
The Case for Hard Assets: An Update (September 2020)
by Bill O’Grady & Mark Keller | PDF Background and Summary In this report, we use the term “commodities” to imply “hard assets.” In our definition, the latter is a commodity that requires multiple years to generate a supply response. This definition excludes agricultural commodities, which tend to create a supply response on an annual… Read More »
Daily Comment (September 30, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today provides a short recap of last night’s presidential debate, as well as an update on the fighting in Nagorno-Karabakh. Next is a discussion of today’s positive economic data out of China. We also discuss some new… Read More »
Daily Comment (September 29, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today provides a brief introduction to tonight’s presidential debate, the anticipation of which could keep a lid on the markets throughout the day. We also discuss several geopolitical tensions involving Eastern Europe, as well as the latest… Read More »
Weekly Geopolitical Report – Erdoğan’s Leadership and the Turkey-Greece Dispute: Part I (September 28, 2020)
by Patrick Fearon-Hernandez, CFA | PDF When talking about international relations, it’s tempting to describe each country as a monolithic, rational decisionmaker with a settled set of concerns, goals, strategies, and tactics. Examples of such descriptions include: China wants to solidify its claim to the South China Sea; Russia is trying to undermine Western democracies;… Read More »