Research & News
Weekly Energy Update (March 30, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil decisively broke its recent $72-$82 per barrel trading range. Recent weakness was exacerbated by funds that sold out of long crude oil positions. Prices have recovered to the lower end of the previous trading range. We will see if this acts as… Read More »
Daily Comment (March 29, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. banking crisis, where the Senate Banking Committee took testimony yesterday from Federal Reserve Vice Chair for Supervision Barr and other top bank regulators. We next review a wide range of other international… Read More »
Daily Comment (March 28, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. banking crisis. Federal Reserve Vice Chair for Supervision Barr will be testifying on the crisis before the Senate today. We next review a wide range of other international and U.S. developments with… Read More »
Daily Comment (March 27, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. and European banking crises. Fortunately, it is looking more and more like the crises are dissipating for now, although we remain cautious about any other stresses in the financial system because of… Read More »
Asset Allocation Bi-Weekly – Have Policymakers Solved the Tinbergen Problem? (March 27, 2023)
by the Asset Allocation Committee | PDF Central banking was initially created to address commercial bank runs. Commercial banks engage in a liquidity transformation, where they accept deposits, which are mostly available on demand, and turn that liquidity into less-liquid assets, usually loans or securities. Bank revenue comes from capturing this liquidity premium as less-liquid… Read More »
Daily Comment (March 24, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with an overview of our thoughts on the Congressional hearings for both TikTok and Treasury Security Janet Yellen. Next, we discuss why central banks have decided to raise interest rates in the face of an ongoing banking… Read More »
Daily Comment (March 23, 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 the Federal Reserve’s rate decision. Next, we discuss the Fed’s economic outlook and why it may not be representative of future policy. Lastly, the report examines China’s battle to avoid isolation by the… Read More »
Weekly Energy Update (March 23, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil decisively broke its recent $72-$82 per barrel trading range. Problems in the banking sector are raising fears of a global economic slowdown. Classic technical analysis would suggest that the former support at $72 will become resistance; in other words, this level will… Read More »
Daily Comment (March 22, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an update on the U.S. and European banking crises and what they mean for monetary policy going forward (we also note that the Federal Reserve will release its latest interest-rate decision this afternoon at 2:00 PM EDT). … Read More »