Research & News
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 »
Bi-Weekly Geopolitical Report – U.S. Intelligence Sharing as a Tool of International Relations (April 17, 2023)
Patrick Fearon-Hernandez, CFA | PDF Why should investors care about international relations? Why should they pay attention as great powers jostle for influence and dominance across the globe? One simple answer is that the global economy tends to grow better when there is one dominant country or “hegemon” that provides security, order, effective instruments for… Read More »
Daily Comment (April 17, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with an apparent assassination attempt against Japanese Prime Minister Kishida. Although Kishida escaped unharmed, the security failure raises concerns for leaders attending the Group of Seven summit in Japan next month. We next review a wide range of… Read More »
Daily Comment (April 14, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Today’s Comment begins with the market’s reactions to the reduction of supplier price pressures in March and last week’s jump in unemployment claims. Next, we give our thoughts on commercial real estate and its potential threat to the economy. Finally,… Read More »
Daily Comment (April 13, 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 why monetary policymakers are reluctant to articulate a coherent message on future policy. Next, we give our thoughts about a potential credit crunch. Lastly, we review the latest headlines coming out of Asia.… Read More »