Research & News
Asset Allocation Bi-Weekly – Fiscal Tightening Looms (September 11, 2023)
by the Asset Allocation Committee | PDF To understand the state of the U.S. economy and gauge near-term financial prospects, investors over the last couple of years have focused on issues like the Federal Reserve’s monetary policy, consumer price inflation, labor market indicators, and retail sales. They seemed to pay much less attention to fiscal… Read More »
Weekly Energy Update (September 8, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices have clearly broken out of their trading range, with Brent crude oil moving above $90 per barrel. Prices are being supported by the Russian and Saudi extension of production restraint. (Source: Barchart.com) Commercial crude oil inventories fell 6.3 mb, much lower than… Read More »
Weekly Energy Update (August 31, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices were mostly rangebound this week, holding near recent highs. We are watching Hurricane Idalia as it travels through the Gulf of Mexico. Its current track suggests it will miss the most sensitive areas of oil and gas production, but it could disrupt… Read More »
Asset Allocation Bi-Weekly – Examining the Rise in T-Note Yields (August 28, 2023)
by the Asset Allocation Committee | PDF Perhaps the most interesting market event this month has been the rapid jump in 10-year Treasury note yields. At the end of May, the 10-year Treasury was yielding 3.64%, but recently the yield hit 4.36%. What’s behind this jump? Here are a few reasons behind the rise: Treasury… Read More »
Weekly Energy Update (August 24, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices continued to weaken this week, although there are technical signs that prices might be consolidating at these elevated levels. (Source: Barchart.com) Commercial crude oil inventories fell 6.1 mb, lower than the 2.5 mb draw forecast. The SPR rose 0.6 mb which puts… Read More »
Bi-Weekly Geopolitical Report – Reflections on the New Cold War (August 21, 2023)
Bill O’Grady | PDF Note: Due to the Labor Day holiday in two weeks, the next edition of this report will be published on September 18. Our geopolitical research over the past 15 years has had a consistent theme—that U.S. hegemony is under strain. Essentially, costs of America’s hegemonic role have become unbearable for the… Read More »
Weekly Energy Update (August 17, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Oil prices did break out of the trading range but were unable to maintain the uptrend. We suspect the recent pullback is corrective in nature and not the start of a major selloff. (Source: Barchart.com) Commercial crude oil inventories fell 6.0 mb, much lower… Read More »