Research & News
Daily Comment (March 6, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with some observations on the important high-level government meetings that began in China over the weekend and included an announcement that China will target a relatively modest economic growth rate of just 5% in 2023. We next review… Read More »
Daily Comment (March 3, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Today’s Comment begins with our thoughts on the Fed’s overreliance on economic data to dictate policy. Next, we review signs that interest rates are finally starting to weigh on the economy. We end the report by discussing the ongoing feud between Brazilian… Read More »
Daily Comment (March 2, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with a discussion on how earnings may not provide an accurate picture of the business environment and what that could mean for the economy. Next, we give our thoughts on the recent increase in interest rate expectations… Read More »
Weekly Energy Update (March 2, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil remains in a trading range between $72-$82 per barrel. (Source: Barchart.com) Crude oil inventories rose 1.2 mb compared to a 1.8 mb build forecast. The SPR was unchanged. In the details, U.S. crude oil production was unchanged at 12.3 mbpd. Exports rose… Read More »
Daily Comment (March 1, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with some positive economic news out of China, where manufacturing and services both appear to be recovering from the recent COVID-19 infection wave. We next review a wide range of other international and U.S. developments with the potential… Read More »
Daily Comment (February 28, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with a deal between the European Union and the United Kingdom to resolve their disagreement on how to handle Northern Ireland under Brexit. We next review a wide range of other international and U.S. developments with the potential… Read More »
Daily Comment (February 27, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with news related to China’s regulation of its technology sector. We next review a range of other international and U.S. developments with the potential to affect the financial markets today, many of which also relate to China and… Read More »
Asset Allocation Bi-Weekly – Federal Reserve Policymakers in 2023: Hawks or Doves? (February 27, 2023)
by the Asset Allocation Committee | PDF The Federal Reserve surprised markets when it raised its benchmark fed funds interest rate by a total of 450 bps in 2022, the most rapid increase in over 40 years. Weighed down by technology stocks, equities had their first annual decline in over a decade. The weak stock… Read More »