Research & News
Daily Comment (April 24, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with new data showing how China’s post-pandemic economic reopening is boosting its imports from other countries, including Australia. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets… Read More »
Asset Allocation Bi-Weekly – The Fed’s Employment Surprise (April 24, 2023)
by the Asset Allocation Committee | PDF This is the tightest labor market for Black Americans in U.S. history. The Black unemployment rate fell to an all-time low in March unsurpassed since the Bureau of Labor Statistics began a separate calculation for Black workers in 1972. Meanwhile, the labor force participation rate for Black Americans… Read More »
Daily Comment (April 21, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with a discussion about the growing popularity of generative artificial intelligence. Next, we give our thoughts on crypto’s sudden resurgence this year. Lastly, we review the latest developments in the race for clean technology and how they… Read More »
Daily Comment (April 20, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with a discussion about concerns regarding bank lending. Next, we explain why stubborn inflation has led to greater scrutiny of the central banks. Lastly, we give our thoughts on supply chain efficiencies and the performance of the… Read More »
Weekly Energy Update (April 20, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After gapping last week, prices are consolidating. (Source: Barchart.com) Commercial crude oil inventories fell 4.6 mb compared to the forecast draw of 0.9 mb. The SPR fell 1.6 mb, putting the total draw at 6.2 mb. In the details, U.S. crude oil production was… Read More »
Daily Comment (April 19, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with several new initiatives in European economic policy, including subsidies for semiconductor manufacturing and a tax on imports tied to greenhouse gas emissions. We next review a range of other international and U.S. developments with the potential to… Read More »
Keller Quarterly (April 2023)
Letter to Investors | PDF Here we are, three and a half months into 2023: the Fed is still raising interest rates; a recession is widely expected to take hold this year; we have a banking crisis; the war between Russia and Ukraine continues to rage after more than a year; and the U.S. and… Read More »
Daily Comment (April 18, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with a couple of big-picture views on the global economy and a key commodity market. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today, including stronger-than-expected… Read More »