Research & News
Daily Comment (June 22, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Signals of higher rates from central banks are leading to a general risk off day. Interest rates are higher, while equities are generally lower as are commodities. In today’s Comment, we lead off with the central bank news. Next up… Read More »
Daily Comment (June 21, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with our thoughts on investor concerns regarding Federal Reserve Chair Jerome Powell’s testimony to Congress later today. Next, we discuss how China may jump start its economy without relying solely on policy stimulus. Lastly, we explain why… Read More »
Daily Comment (June 20, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with many China-related reports, including a recap of U.S. Secretary of State Blinken’s weekend meetings in Beijing with top Chinese officials and a new report that Beijing and Havana are negotiating to establish a joint military training base… Read More »
Asset Allocation Bi-Weekly – The Great Divergence (June 20, 2023)
by the Asset Allocation Committee | PDF The S&P 500 is up 10% year-to-date and briefly reached the 4,200 level in late May. The recent rally in equity markets has been driven by the rise of generative artificial intelligence (AI), which has bolstered tech stocks. In fact, much of this strong performance has come from… Read More »
Daily Comment (June 16, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with a discussion on how the expiration of options contracts may place downward pressure on equities. Next, we explain why equity investors are still not convinced that central banks will not cut rates this year. Lastly, we… Read More »
Daily Comment (June 15, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with a discussion on the Federal Reserve’s latest interest rate decision. Next, we review the latest central bank policies in the eurozone and China. Lastly, we end with why recent developments in the Middle East and Europe… Read More »
Weekly Energy Update (June 15, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices may be establishing a new trading range between $67 and $75 per barrel. (Source: Barchart.com) Commercial crude oil inventories rose 7.9 mb when compared to the forecast draw of 1.5 mb. The SPR fell 1.9 mb, putting the total build at 6.0… Read More »
The Case for Hard Assets: An Update (June 2023)
by Bill O’Grady & Mark Keller | PDF Background and Summary Secular markets are defined as long-term trends in an asset. There are both secular bear and bull markets. In most markets, there are also cyclical bull and bear markets, often tied to the business cycle, and in some markets, there are seasonal bull and… Read More »