SteelPath February MLP update and news

In January, the master limited partnership (MLP) sector saw two more companies eliminate incentive distribution rights (IDRs) and the beginning of Q4 earnings season.  In our Chart of the Month, we look back at oil demand during the SARS outbreak in 2003 to see how it compares to today’s novel coronavirus. MLP market overview Midstream […]


Energy expenditures as a percentage of PCE

Note: Back in early 2016, I noted that energy expenditures as a percentage of PCE had hit an all time low. Here is an update through the December 2019 PCE report released last week. Below is a graph of expenditures on energy goods and services as a percent of total personal consumption expenditures through December […]


Pensions funds cannot deliver proper climate change reports without the data that sustainable cost accounting will supply

The FT has reported that: Pension schemes in the UK are to be forced to explain how millions of their members’ retirement pots will be affected by rising temperatures under new government measures as part of a response to climate change. On Wednesday, the government will announce plans to “step up” existing requirements on pension […]


Scotland’s progressives have to win or its curtains for the SNP – however unlikely that looks to be right now

My friend Angus Brendan MacNeil, who is SNP MP for the Na h-Eileanan an Iar (the Western Isles) and chair of the House of Commons International Trade Committee, has had an article published by Politics Home that is going to open up debate in Scotland on the direction of independence campaigning. As Politics Home says of the […]


Why bonds are still a good hedge

While growing concerns related to the coronavirus, and its potential impact on global growth, resulted in a nominally negative return for January, U.S. equities remain more than 13% above the Q4 low. The coronavirus still an unknown and unquantifiable risk, coupled with lingering geopolitical tensions in the Middle East and mounting concerns over the U.S. […]


Wednesday: Fed Chair Powell Testimony

Wednesday:• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. • At 10:00 AM, Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to the Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate