by Joseph Sykora | Dec 27, 2022 | Blog, Macro Updates
The Federal Open Market Committee (FOMC) has the ability to set interest rates through the Fed Funds rate – the overnight lending rate among US banks. Banks are required to retain a certain amount in deposits as capital to help guarantee their solvency. Bank deposits...
by Joseph Sykora | Nov 30, 2022 | Blog, Energy, Macro Updates
In the last two weeks, we’ve received several inquiries regarding energy equity outperformance relative to declining oil prices. Many people reference some version of the following chart: Source: Strategas, 11/29/22 For a commodity-driven sector, the...
by Joseph Sykora | Oct 3, 2022 | Blog, Market Updates
When we think about narratives surrounding slowing economic growth, our job as investors is to translate narrative into number. In other words, if the Federal Reserve continues to hike interest rates, if the housing market gets sluggish, if unemployment starts to...
by Joseph Sykora | Sep 7, 2022 | Blog, Macro Updates
With stocks and bonds both down year-to-date (YTD), there have been very few places for investors to hide. In fact, through August, the 60/40 portfolio is having its worst year ever going back to 1976 (data as of 8/31/22): Specifically, within fixed...
by Joseph Sykora | Jun 1, 2022 | Blog, Energy
In prior posts, we have written about the continued tightness in oil markets driven by (among other things) structural underinvestment in productive supply over the past several years. In this post, we will focus more on the products side, specifically gasoline and...
