Research & News
Daily Comment (July 28, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Even if the U.S. opening is looking a bit soft today, investors should be encouraged by an apparent stabilization in new U.S. coronavirus cases and the release (after considerable delay) of Senate Republicans’ proposal for a new coronavirus relief bill. … Read More »
Weekly Geopolitical Report – Rethinking China: Part I (July 27, 2020)
by Bill O’Grady | PDF President and General Secretary Xi Jingping has changed the course of Chinese governance. Deng Xiaoping Peng created a collective leadership model to prevent the rise of another Mao. Leaders were carefully selected and surrounded by leading figures of the various factions of the Communist Party of China (CPC). Term limits… Read More »
Daily Comment (July 27, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Monday! Baseball is back, and the NHL and NBA are close as well. Our friends on the Texas coast had to cope with Hurricane Hanna over the weekend. Equity markets are moving higher, the dollar is softening and the… Read More »
Daily Comment (July 24, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Happy Friday! This Friday is starting with a risk-off tone. Worries about the economy after the rise in claims yesterday and rising tensions with China are affecting sentiment. But the overarching worry is that Congress will fail to deliver another… Read More »
Asset Allocation Weekly (July 24, 2020)
by Asset Allocation Committee | PDF In the Federal Reserve’s 107-year history, it has used a number of different methods to manage monetary policy. In its early years, it relied on the discount rate and reserve requirement adjustments as policy tools. During WWII, it managed the yield curve to a specific interest rate to support… Read More »
Keller Quarterly (July 2020)
Letter to Investors | PDF Thus far, the year 2020 has not been one most of us would like to repeat. A pandemic, a sharp and deep recession, social distancing, civil unrest, and political uncertainty have left most people, much less investors, with severe anxieties. I’ve mentioned before that a professional investor is, or should… Read More »
Daily Comment (July 23, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF U.S. equity markets continue to tick higher, buoyed by expectations of continued stimulus. The stronger EUR is lifting European stocks, while Chinese equities fell on U.S./China tensions. Relations with China continue to deteriorate; that’s our lead-off story this morning. We… Read More »
Weekly Energy Update (July 23, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. The oil market has stabilized at higher levels after April’s historic collapse. Crude oil inventories reversed part of last week’s unexpected draw, with stockpiles rising 4.9 mb compared to forecasts of a 0.8 mb draw. The… Read More »