Research & News
Daily Comment (July 6, 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 friction between policymakers in the U.S. and Europe over the pace and direction of interest rate changes. We will then discuss why households are not as confident in the economy as the data… Read More »
Daily Comment (July 5, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with news of more trade frictions between China and the West. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today, including reports of a new breakthrough… Read More »
Daily Comment (July 3, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with energy news, including further oil output cuts by Saudi Arabia and Russia, as well as a spate of negative prices for wholesale electricity in Europe. We next review a wide range of other international and U.S. developments… Read More »
Asset Allocation Bi-Weekly – The Green Shoots of Re-Industrialization (July 3, 2023)
by the Asset Allocation Committee | PDF In a little-noticed report last month, total construction spending in April was up a modest 6.1% from one year earlier, but private nonresidential construction spending was up a whopping 30.2%. That marked the fourth straight month in which private, nonresidential construction, a proxy for commercial construction, was up… Read More »
Daily Comment (June 30, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with a farewell to LIBOR and ends with a few comments on the overnight news. The End of LIBOR: As of today, the use of the London Interbank Offering Rate, or LIBOR, will end. LIBOR developed in… Read More »
Daily Comment (June 29, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with the market reaction to Wednesday’s financial stress test report. Next, we review the political risks central bankers face as they look to raise rates. Lastly, we will expand upon yesterday’s comments about potential curbs by the… Read More »
Weekly Energy Update (June 29, 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. Commercial crude oil inventories fell 9.6 mb when compared to the forecast draw of 1.3 mb. The SPR fell 1.4 mb, putting the total draw at 11.0 mb. In… Read More »
Daily Comment (June 28, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with some interesting new revelations on the weekend’s short-lived rebellion in Russia. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today, including signs of growing pushback… Read More »