2021
CIBC Private Wealth in the News
12.31.21
The Wall Street Journal
'Omicron Blurs Oil Outlook After Demand Roars Back'
"Investors have recently sold oil to lock in profits, pushing prices lower than justified by the likely effect of Omicron on demand. We’ve had a pretty amazing year in energy," said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S.
12.22.21
Barron's
'Stocks Pop for Second Straight Day, Boosted by Consumer Confidence'
"The consumer confidence surveys have gotten more attention in recent months because they tend to ask questions about inflation," said Dave Donabedian, chief investment officer of CIBC Private Wealth. "It’s resilience and adaptation on the part of consumers," he said, adding that households have more cash—and wealth—than they did just before the pandemic.
12.20.21
Yahoo! Finance
'Oil Caps Biggest Selloff of Month on Virus, Manchin Fallout'
"The uncertainty around the response to omicron" is fueling the fear and volatility in oil markets, said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Read.
12.17.21
The Wall Street Journal
'Stocks Decline Amid Interest Rate Worries'
"You have to put that down as a risk, but it is also pretty clear that the political reaction is still very unlikely to lead to major impediments to the economy. We don’t think that’s going to be a major force in knocking the economy or the market off its course," said David Donabedian, chief investment officer at CIBC Private Wealth.
12.17.21
The Wall Street Journal
'Tech Stocks Set for Further Losses on Rate-Rise Worries'
"The underlying, primary fear in the market is inflation. What the Fed did is the old saying: to solve a problem you have to first acknowledge there is one. It’s a wise move but just a temporary respite for the markets’ concerns over inflation," said David Donabedian, chief investment officer at CIBC Private Wealth.
12.14.21
The Bond Buyer
'Muni Bond Market Quiet Ahead of $7.7B New Issue Calendar'
"The fed appears to be moving toward an accelerated taper," said Gary Pzegeo, head of fixed income for CIBC Private Wealth.
12.13.21
Bloomberg
'Oil Falls After Last Week’s Rally as Traders Weigh Virus Risk'
"We’re at the end of the year, it’s very difficult to want to make a big bet either way. People may want to do small things here or there, but it’s going to be more of a dance rather than step up and hit a home run," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
12.09.21
Bloomberg
'Oil Drops on Broader Risk-Off Sentiment Amid Omicron Worries'
"The market is still in calibration mode around the virus," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Though traders initially priced in the worst-case scenario for omicron, they later "underestimated" how governments would respond to the contagiousness of the variant, she said.
12.05.21
Barron's
'What scares the stock market More than COVID? The Federal Reserve.'
"He leaned on that message so strongly, it tells you some strategy change is coming," says Dave Donabedian, chief investment officer at CIBC Private Wealth US.
12.02.21
Reuters
'Oil ends higher after a day of wild swings on OPEC, Omicron'
"The markets have just been trying to digest so much news. It's like a python eating a pony," said Rebecca Babin, senior energy trader at CIBC Private Wealth US.
12.02.21
MarketWatch
'Oil futures pare losses as OPEC+ agrees to rollover existing policy to boost output in January'
"By moving ahead with production increase in the face of a 20% decline in prices, OPEC+ has essentially taken the political pressure from the U.S. and other consuming nations off the table," said Rebecca Babin, senior energy trader at CIBC Private Wealth US.
12.02.21
MarketWatch
'OPEC+ takes unusual tack by keeping existing production policy, while keeping its meeting ‘in session'
"This gives countries that have been ahead of their production quotas, like Iraq, more time to compensate for over production. This makes sense as many of the countries in OPEC+ have missed production targets and the group as a whole has not met it production increase targets," said Rebecca Babin, senior energy trader at CIBC Private Wealth US.
11.29.21
Bloomberg
'Oil Sinks More Than 5% as Powell Signals Faster End to Tapering'
"That ties back to crude oil because if you start to pump the brakes on economic growth, you start to see impact on demand," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
11.26.21
Yahoo! Finance
'U.S. to release oil from reserves in coordination with other countries to lower gas prices'
"It was a lack of downside that had us continuing to think nothing bad could happen. No one was thinking we could get a variant that we’re not familiar with and it could have meaningful impact," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Read.
11.23.21
CNBC
'U.S. to release oil from reserves in coordination with other countries to lower gas prices'
"Positioning across the crude complex has been drastically reduced over the past couple of weeks as traders lock in profits ahead of year end reducing the initial reaction," said Rebecca Babin, a managing director at CIBC Private Wealth US. Read.
11.22.21
Bloomberg
'Yields Rise on Powell Nomination; Stocks Pare Gain: Markets Wrap'
"The whole point is it doesn’t change anything -- the same issues are on his plate now, which is are they going to be right that the pop in inflation is going to be transitory and if not, what do they do about it? The choice about Powell’s renomination is all about continuity.” David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.
11.22.21
Bloomberg
'Stock Market Loves the 'Don't Rock the Boat' Powell Renomination'
"It represents continuity in terms of leadership at the Fed and that means more of a feeling of certainty. And I think that President Biden has a number of political challenges now and he doesn’t need volatility at financial markets to add to that, and so this is a safe choice, a known commodity. I think that’s the priority here. For the market, the same guy who has been setting the course for years now will continue to set the course. He’s held in relatively high esteem by market participants. And so from a monetary policy standpoint, it’s business as usual. The same questions we were thinking about last week, we’re thinking about this week, which is will Powell and the Fed figure out the best course on how to address inflation? Are they right that it’s transitory, and how over time will they normalize monetary policy? Those are all still big questions with no easy answers but there’s some comfort that you’ve got a steady hand in leadership," said David Donabedian, chief investment officer of CIBC Private Wealth Management.
11.19.21
Barron's
'The Dow Slides, Tech Outperforms—and What Else Is Happening in the Stock Market Today'
"You’re starting to get more nervousness about rollback responses to Covid, primarily in Europe. We’ve seen this knee jerk [reaction] before," said David Donabedian, chief investment officer of CIBC Private Wealth, U.S.
11.18.21
Bloomberg
'Biden’s Oil Price Approach Is Working and He Hasn’t Even Acted'
Rebecca Babin, a senior energy trader at CIBC Private Wealth Management, estimates that about three-quarters of the recent decline in oil prices is due to the Biden administration’s potential SPR release.
11.15.21
World Oil
'Oil prices edge higher as market awaits SPR decision'
"The anticipated SPR release has been largely priced into the market at this point. As time goes by and the release does not happen the market will likely drift higher," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Read.
11.10.21
Reuters
'Inflation fears, poor bond auction push yields higher'
"The market has to do a one-time adjustment on inflation expectations and that's why you get a day like today," said Gary Pzegeo, head of fixed income for CIBC Private Wealth. Read.
11.09.21
ETF Trends
'Inflation Data Could Be Minor Speed Bump for SPXL'
"I think investors are sounding the all-clear for the equities market here, at least in the short-term, and it’s hard to argue with. We have more concerns when you take a six-month view," said David Donabedian, CIO of CIBC Private Wealth Management.
11.09.21
Bloomberg
'Oil Jumps as Energy Report Dims Chances for Immediate Relief'
"The market is clearly looking at this STEO report and determining that odds of a coordinated SPR release are shrinking. However, there is a political element to this issue and prices at the pump remain very high, so I would not discount this chance of SPR release entirely on this report," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
11.09.21
Bloomberg
'U.S. Bonds Flash Mixed Messages on Inflation as Real Yields Sink'
"There is a negative message. There’s low potential growth and high implied inflation, which absorbs what low nominal yield there is." Gary Pzegeo, head of fixed income at CIBC Private Wealth Management, told Bloomberg.
11.05.21
Yahoo! Finance
'Inflation data, US eases travel restrictions: What to know this week'
"We will be watching for signs that the inflation problem is peaking. But our expectation is for continued elevated readings, and we expect to be talking about high inflation six months from now. It is not going away," wrote David Donabedian, chief investment officer of CIBC Private Wealth U.S., in an email on Friday. Read.
11.05.21
CNBC
'Stocks could soar to new heights in week ahead — even though inflation data may come in hot'
"I think investors are sounding the all-clear for the equities market here, at least in the short-term, and it’s hard to argue with. We have more concerns when you take a six-month view," said David Donabedian, chief investment officer of CIBC Private Wealth Management. Read.
11.05.21
Bloomberg
'Oil Volatile in Choppy Trading as OPEC+ Sticks to Moderate Hikes'
"If you released 60 million barrels from the SPR, now you’re looking at maybe $3 a downside. What’s starting to get priced in is the fact that the Biden administration painted themselves a little bit in a corner where they have to do something in response to OPEC not doing anything," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
11.05.21
Bloomberg
'Stocks Climb on Solid Jobs Data; Bond Yields Drop: Markets Wrap'
"The Fed appears comfortable with the economy right now, and today’s jobs report validated that optimism. Equities continue to be the default asset class. Returns on cash and bonds are low, so investors are allocating more to equities," said David Donabedian, chief investment officer of CIBC Private Wealth U.S.
11.04.21
Bloomberg
'Bloomberg Markets: The Close'
Senior Energy Trader, Rebecca Babin, appeared on Bloomberg Markets: The Close. Watch.
11.01.21
Yahoo! Finance
'Oil Rally Cools on Unexpected Supply Rise at U.S. Storage Hub'
Any reversal in the trend of supply declines at Cushing, "should at least quell the panic on inventories," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Read.
10.28.21
Bloomberg
'Stocks Approach Highs as Earnings Refute Naysayers: Markets Wrap'
"We have a market powered by strong earnings, generally good economic news and a calming down of the bond market, and so the path of least resistance is higher and equities remain the asset class of choice with low return potential on other asset classes," said David Donabedian, chief investment officer of CIBC Private Wealth Management.
10.28.21
Bloomberg
'S&P 500 Short Bets Are Worryingly Scarce, Wells Fargo Says'
"To me it feels more like complacency than euphoria -- just the idea that equities are the default asset class of choice. Cash and bonds are so unattractive. That, over time, can lead to a degree of complacency or perhaps inattention to risk factors," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.
10.27.21
Bloomberg
'Oil Eases Losses as OPEC+ Expects Tighter Market This Quarter'
"How much political pressure they can bear is another question," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
10.26.21
MorningStar
'EUROPEAN MIDDAY BRIEFING - Stocks Extend Gains Ahead of U.S. Tech Earnings'
"Covid numbers have crested, the economic data has been pretty good, and the early read on third quarter earnings is positive. The bottom line is this is still a buy the dips market," says David Donabedian, chief investment officer at CIBC Private Wealth.
10.25.21
Fintech Zoom
'Stock Market Analysis Today – The Stock Market Could Tumble Even If Covid Is Over Next Year'
"There are great expectations built into this market… while the short term outlook remains positive, the Cape ratio is a warning call for the longer term," says Dave Donabedian, chief investment officer at CIBC Private Wealth US.
10.20.21
Bloomberg
'Muni-Bond Sales Tumble, Dashing Buyers’ Hope for Late-Year Surge'
"One reason for the slowdown is that governments saw tax revenue jump just as they received a large influx of aid, reducing their need to borrow. If they don’t have a need to come to the market, they haven’t," said Christopher Lanouette, a managing director for CIBC Private Wealth Management.
10.19.21
EnergyNow
'Oil Pares Gains With High Fuel Prices Shaking Demand Confidence'
"Demand destruction is not a line in the sand, it’s a continuum, and we’re starting to see that demand destruction occur and as we go higher that just ratchets to more demand destruction." Rebecca Babin, senior energy trader at CIBC Private Wealth Management, told EnergyNow.
10.14.21
Fortune
'Where Wall Street’s top banks see stock prices heading by the end of 2021'
"None of that is a disaster for the equity market outlook. It’s just more challenging." Dave Donabedian, chief investment officer at CIBC Private Wealth US, said about inflation.
10.11.21
The Wall Street Journal
'Oil Price Jumps Above $80 and Natural Gas Races Higher, Turbocharged by Supply Shortages'
"There’s a lot feeding on itself right now. We don’t know what the weather is going to bring… The worst-case scenario is pretty ugly." Rebecca Babin, senior energy trader at CIBC Private Wealth, U.S., told WSJ.
10.09.21
Barron's
'The Stock Market Survived a Scary Week. Why This Week Could Be Scarier.'
"There are a lot of adjustments that need to go on. The market has more downside than upside in the short term," says Dave Donabedian, chief investment officer at CIBC Private Wealth US.
10.04.21
MarketWatch
'Why the oil market is both bullish and ‘on edge’ after the OPEC+ oil output decision'
"There has been some market chatter about some countries within OPEC+ not being able to meet production increase, most notably Russia," Rebecca Babin, senior energy trader at CIBC Private Wealth, U.S., told MarketWatch.
10.03.21
Barron's
'There’s a Worldwide Energy Crunch. Here’s How to Play It.'
"It's excellent for LNG companies. There was concern that there was overinvestment in LNG as recently as two years ago," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
10.01.21
Bloomberg
'China Seeks to Secure Energy at All Costs; Market Weighs'
"China is very concerned about their growth right now. It’s a signal that they’re going to maybe not ration as much and go ahead and force their state companies to buy power, even if it’s detrimental to those businesses, to keep economic growth going,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
09.27.21
CNBC
'Dow rises, tech shares drag down broader market as 10-year Treasury yield tops 1.5%'
"We’ve talked in the past about this really being a demand-driven recovery and rally with the reopening trade, and so that is part of what’s going on, but I think the most recent uplift is also a function of supply concerns," said Adam Karpf, a portfolio manager and managing director at CIBC Private Wealth. Read.
09.21.21
Bloomberg
'Market Is Signaling That It’s Fretting Over More Than Evergrande'
"The proximate cause of the selloff yesterday was China Evergrande -- it was a global selloff, clearly. But then I think more broadly it also fed into a narrative of slowing global growth -- in China, in the U.S., and in general. That’s been on the mind of investors lately," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.
09.21.21
The Wall Street Journal
'U.S. Stock Futures Bounce After Global Market Selloff'
"We are at a pivot point: we are moving away from maximum policy accommodation and at the same time the V-shaped recovery is over and it poses some real questions about what is next. We have had a great run but it is going to get tougher from here, with lower returns and more volatility," said David Donabedian, chief investment officer at CIBC Private Wealth.
09.20.21
Bloomberg
'Global stocks sell off as Evergrande crisis intensifies'
"There are some specifics to [Evergrande] that cause concern, but it also feeds a general narrative that global growth is slowing . . . The potential fall of a major company in a major industry feeds that perception that the Chinese economy and global economic recovery could be further slowed." David Donabedian, chief investment officer of CIBC Private Wealth, told Bloomberg.
09.17.21
Bloomberg
'Oil Tumbles on Signs of Rising Russian Exports and Dollar Gains'
"There’s been demand destruction starting with higher prices across energy markets broadly and there’s Russian’s plans to raise its global oil sales," said Rebecca Babin, senior energy trader at CIBC Private Wealth."
09.14.21
Reuters
'U.S. core consumer prices slow sharply in August'
"If there is any relation between the real world and government data, we may start to see the enormous increase in home prices and rents filter into the CPI," said David Donabedian, chief investment officer of CIBC Private Wealth US.
09.13.21
CNBC
'Tuesday’s CPI report likely to show inflation continuing to run hot, putting the Fed in tough spot'
"Certainly the trend has been for the inflation number to come in above expectations. I think if that happens again, it will feed this narrative that high inflation is going to stick around longer than the Fed had been planning," said David Donabedian, chief investment officer of CIBC Private Wealth US.
09.08.21
CNBC
'Markets brace for hot consumer inflation report in the week ahead'
"Certainly the trend has been for the inflation number to come in above expectations. I think if that happens again, it will feed the narrative that high inflation is going to stick. Obviously, it’s an issue for the bond market if it’s viewed at all as accelerating the timing of the QE tapering, and or accelerating the timing of the first rate hike," CIBC Private Wealth U.S. chief investment officer David Donabedian said. Read.
09.08.21
Bloomberg
'No Hurricane Has Hit U.S. Energy Markets Quite Like Ida Has'
"The prolonged outage of oil production in the Gulf of Mexico could be a benefit for an industry that was already worrying that the delta variant spread has disrupted demand recovery, causing supply to slip into surplus later this year," said Rebecca Babin, senior equities trader at CIBC Private Wealth Management.
09.06.21
Barron's
'Nothing Can Take the Stock Market Off Its Record Run'
As for where to put money, there’s little reason to quit what’s been working—even if the path may become rockier. "The S&P 500 will be marginally higher at year-end but overall market volatility will rise," Dave Donabedian, chief investment officer of CIBC Private Wealth Management, told Barron’s.
08.26.21
Reuters
'Oil falls as U.S. refineries shut; Washington pushes OPEC to pump more'
"If refiners recover capacity in two to four weeks, then we should be OK. Beyond that, we will be driving inventory levels very low and prices may start to react meaningfully higher,” said Rebecca Babin, senior energy trader at CIBC Wealth.
08.26.21
Barron's
'Stocks Pause on Covid and Jackson Hole Nervousness'
"What investors want to hear is that, in response to an impressive improvement in the economy, the Federal Reserve is planning to gradually reduce their extraordinary measures because they’re not necessary anymore, but will do so incrementally," says David Donabedian, chief investment officer of CIBC Private Wealth, U.S.
08.25.21
Barron's
'Stocks Rise After Nasdaq’s Surge Past 15,000'
The rise in yields and cyclical stocks “reinforces that the market is not really worried about an economic or earnings growth stall as a result of Covid,” says David Donabedian, chief investment officer of CIBC Private Wealth, U.S.
08.24.21
The Bond Buyer
'Munis still in the red but start last week of August steady'
While Powell will continue to state the Fed will move to taper if the economy goes as planned, "it seems the Fed would like to see more data before commiting to a timeline," said Gary Pzegeo, head of fixed income at CIBC Private Wealth, U.S.
08.21.21
MarketWatch
'U.S. stocks close higher in Nasdaq-led rally, but still see losses for the week'
"The tidal wave of liquidity is so powerful, so vast, that the buy-the-dips mentality is the dominant force right now. Information technology and communication services are among the areas leading the market in Friday’s trading, similar to last year when COVID-19 was “raging” and “stay-athome stocks” topped the charts." David Donabedian, chief investment officer of CIBC Private Wealth Management, said in a phone interview Friday.
08.17.21
ETF Trends
'Bond ETFs Can Help Stabilize a Portfolio in Volatile Times'
"The Delta variant has hit the confidence of the average American, so we need to watch that for ripple effects on the economy. This is going to be a chronic issue causing some volatility in markets," David Donabedian, chief investment officer at CIBC Private Wealth, told the WSJ. Read.
08.17.21
Morningstar
'North American Morning Briefing: Retail in Focus With Sales Data and Earnings Eyed'
"The Delta variant has hit the confidence of the average American, so we need to watch that for ripple effects on the economy. This is going to be a chronic issue causing some volatility in markets," said David Donabedian, chief investment officer at CIBC Private Wealth. "This is going to be a chronic issue causing some volatility in markets. Read.
08.16.21
CNBC
'Renewable natural gas is a nascent but growing market — how to play it'
"Importantly, it's proven technology with existing equipment that has been done for many years, just in very small quantities. This is something where I'm not taking a bet on technology. ... It is a method to utilize a cleaner source of energy supplies with existing technologies, existing equipment." Adam Karpf, portfolio manager at CIBC Private Wealth Management's Energy Infrastructure strategy, told CNBC.
08.16.21
Yahoo! Finance
'Sobering data point: U.S. consumer sentiment nosedives as Delta variant spikes'
"It’s just one data point, but sobering,” CIBC Private Wealth CIO David Donabedian says. “It reinforces our expectations of higher market volatility over the course of the year.” Read.
08.14.21
Barron's
'The Stock Market Keeps Hitting New Highs In the Most Boring Ways'
"If you just look at the market action this week, it’s saying the Delta variant is a public-health crisis, but not an economic crisis," says Dave Donabedian, chief investment officer at CIBC Private Wealth US.
08.14.21
MSN
'Dow, S&P 500 close at records as investors mull new earnings reports'
"The equity market has thus far endorsed a strong economic recovery story despite the rise of the Delta variant. However, we don't expect the second half of the year to be as comfortable a market as the first half," David Donabedian, CIO of CIBC Private Wealth, said in a statement. Read.
08.13.21
Bloomberg
'Tencent, Bitcoin and Gold: Investments in the Spotlight'
"What’s driving it is momentum and money flows. There is no credible way to value it." Dave Donabedian, chief investment officer of CIBC Private Wealth U.S., told Bloomberg.
08.10.21
Yahoo! Finance
'Tech Drop Exposes Doubts in U.S. Growth Optimism: Markets Wrap'
"There’s clearly more focus and concern on the delta variant of Covid, but, to this point, markets have appraised that as a manageable risk and instead are leaning on a strong economy, a boom in corporate profits -- not just currently reported but upwardly revised for the rest of this year and next year -- and a belief that stocks still are the asset class to be," said Dave Donabedian, chief investment officer of CIBC Private Wealth U.S. Read.
08.10.21
Bloomberg
'Bitcoin Roars Back, Putting $100,000 Predictions in Vogue Again'
"What’s driving it is momentum and money flows, and a little bit of overall risk-on, risk-off sentiment in markets. Any thing you say or write about Bitcoin you can always do a big percentage-- it’s up 50%, yes, but it went down 50% from April to June. There is no credible way to value it." Dave Donabedian, chief investment officer of CIBC Private Wealth U.S., told Bloomberg.
08.08.21
Bloomberg
'S&P 500 Earnings Beats Fall Flat With The Good News Priced In'
“The economy is going to grow above trend, not just through the end of this year, but through 2022 as well. You’ll see some of these cyclical names do very well.” Dave Donabedian, chief investment officer of CIBC Private Wealth U.S., told Bloomberg.
08.05.21
The Bond Buyer
'Muni Short End Stronger, as USTs Remain on a Bumpy Ride.'
Despite the record 64.1 reading, “price pressures and shortages remain challenges for businesses. New orders, production and employment all strengthened as did costs. The report is indicative of broad strength in the economy, with all 17 industries surveyed reporting growth in July.” David Donabedian, CIO of CIBC Private Wealth Management, told The Bond Buyer.
08.05.21
Reuters
'Wall Street pushes stocks, oil higher on promising data'
"Yesterday’s record high reading on the Services PMI and today’s unemployment claims data have reinvigorated confidence on the economic growth front," Dave Donabedian, chief investment officer of $92 billion CIBC Private Wealth U.S., wrote in an email.
08.04.21
CNBC
'Dow climbs more than 200 points, S&P 500 closes at record as industrial stocks rise'
"Assuming that this will be kept under control ... we've had several months and weeks of a strong crude oil market and energy industry, and this is a breather." Adam Karpf, a managing director at CIBC Private Wealth focused on energy, told CNBC.
08.03.21
Reuters
'TREASURIES-'Separate lives' as bonds, stocks diverge ahead of data'
Gary Pzegeo, head of fixed income for CIBC Private Wealth Management, said the Treasury market's steadiness suggested investors are prepared for the Fed to act. "It seems like the market is ready for a taper," he said.
08.02.21
Ship & Bunker
'Covid fears reinfect crude traders, oil prices plunge over 3%'
"The next round of data from China on crude import numbers will be critical in figuring out how China is handling the most recent uptick in infections," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
07.29.21
Bloomberg
'Oil Heads for Weekly Gain as Demand Outlook Eases Virus Fears'
"All the data right now is really positive. That’s what you’re seeing. We do have tight supplies right now, so it’s really hard for the commodity to pull back," said Rebecca Babin, senior energy trader at CIBC Private Wealth, US.
07.29.21
The Bond Buyer
'Munis a touch weaker; large fund inflows hit 20 weeks running'
The change is “another incremental step toward tapering,” said Gary Pzegeo, head of fixed income at CIBC Private Wealth, U.S. “If markets accept the tweak in the Fed’s statement we could see them announce a schedule of tapered asset purchasing later in the year.”
07.23.21
Barron's
'The Dow Just Hit 35,000. Why Monday’s Selloff Didn’t Prove Fatal'
"It was a compressed, let’s-cram-all-our-neuroses-into-one-day kind of selloff, and it passed very quickly." Dave Donabedian, chief investment officer at CIBC Private Wealth US, told Barron's.
07.22.21
Yahoo! Finance
'Oil Gains With Robust Global Demand Tightening Crude Market'
"The market clearly is more concerned about the supply-demand deficit being in deficit, and that the growth will continue, and that we’re under-supplied in the near term," said Rebecca Babin, senior energy trader at CIBC Private Wealth, US. Read.
07.20.21
Yahoo! Finance
'10 Things in Politics: COVID recovery now on shaky ground'
"High inflation and lower economic growth is not a good combination," Dave Donabedian, the chief investment officer of CIBC Private Wealth Management US, told The Journal. Read.
07.19.21
Markets Insider
'Dow plummets 726 points for worst day of 2021 as virus variants threateng global recovery'
"COVID has returned to the front burner of investor concerns right now. Last week we had high inflation readings. Now we have concerns that the rise in COVID cases is dimming the economic outlook. While the second-quarter earnings reports have so far beat expectations, this is old news now." David Donabedian, the chief investment officer of CIBC Private Wealth, said in a note to Markets Insider. Read.
07.19.21
The Wall Street Journal
'How Jitters About the Global Economy Are Rippling Through Markets'
"Last week we had high inflation readings. Now we have concerns that the rise in Covid cases is dimming the economic outlook. High inflation and lower economic growth is not a good combination," said Dave Donabedian, chief investment officer of CIBC Private Wealth Management, U.S., in emailed comments.
07.19.21
The Wall Street Journal
'Oil Prices Slide on Fears Delta Variant Will Crunch Demand'
"If we stagnate or retrace some of the demand increase we’ve seen thus far, the market will move from being undersupplied to oversupplied into the back half of the year," said Rebecca Babin, a senior energy trader at CIBC Private Wealth, U.S.
07.19.21
MarketWatch
'Freedom day’ flop for FTSE 100 as U.K. stocks retreat'
"COVID has returned to the front burner of investor concerns right now," added David Donabedian, chief investment officer of CIBC Private Wealth, U.S.
07.19.21
Yahoo! Finance
'Traders Voice Fresh Covid Worry: ‘The Broad Public Is Waking Up’
“Covid has returned to the front burner of investor concerns right now. The rise in Covid cases here and worldwide has prompted concerns that the economic growth surge will peter out. There is worry that businesses and consumers will retrench, although this has not happened yet.” David Donabedian, chief investment officer at CIBC Private Wealth, U.S., told Yahoo! Finance. Read.
07.14.21
Bloomberg
'U.S. Oil Consumption Surging With Industry Firing at Full Blast'
“A lot more industry is coming back online. As the economy gets humming, those other types as well as gasoline and diesel feed into it,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management, US.
07.13.21
Family Wealth Report
'Who's Moving Where In Wealth Management? - CIBC, 1792 Wealth Advisors'
"CIBC has expanded its US private wealth team with two senior hires in Denver and New York. Cesar Orozco joins as senior vice president and business development officer in Denver; and Cynthia Temple joins in New York as managing director and private banking advisor."
07.13.21
The Wall Street Journal
'Stock Futures Wobble Ahead of Inflation Data and Bank Earnings'
“It all has a bit of a goldilocks, not too hot, not too cold feel to it,” said David Donabedian, chief investment officer at CIBC Private Wealth, U.S.
07.12.21
The Wall Street Journal
'Wave of Bullish Oil Bets Drives Big Price Moves'
“When everyone gets overly bullish, it’s time to start thinking about what the downside risks are,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
07.01.21
Bloomberg
'Oil Rallies Above $75 With OPEC+ Output Deal Left in Limbo'
“OPEC is looking like it’s going to keep some restraint, and to me, the market is in a really good place. People are very comfortable and constructive with the profile over the next year," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management, US.
06.28.21
Bloomberg
'Oil Edges Up With OPEC+ Delaying Talks to Resolve Difference'
“We’ll see the trading continue to be choppy until Thursday when the actual meeting is held and we get the official decision,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
06.24.21
Bloomberg
'Stocks at 40 Times Profits Are Cheap, Wall Street Has Determined'
“I don’t think there’s a pound-the-table valuations story for why people should be piling into the megacap tech names. I actually still think that over the back half of the year that this value/cyclical trade will probably reassert itself as market leadership." David Donabedian, chief investment officer at CIBC Private Wealth Management, told Bloomberg.
06.23.21
Bloomberg
'Stocks in Choppy Trading While Treasuries Decline: Markets Wrap'
“You’ve got this inflation issue that has captured the imagination of investors for the first time in a long time. I don’t have a great case for why the market takes another leap forward here over the summer. It’s going to be more of a churn, and we usually do get a little bit more volatility because volumes are down.” David Donabedian, chief investment officer at CIBC Private Wealth Management, told Bloomberg.
06.10.21
Fox Business
‘Inflation spike could force Fed's hand on tapering asset purchases’
"May’s CPI data could tip the scales toward an earlier tapering discussion, but should not cause alarm at the Fed. The release was above expectations, but underlying price trends confirm the known impact of base effects and bottlenecks the Fed has categorized as ‘transitory’ for the past several months." Gary Pzegeo, head of fixed income at CIBC Private Wealth Management, told Fox Business. Read
06.10.21
Barron's
‘Oil Companies Come Under Pressure From Climate Push. Top Executives Say Reducing Demand Will Be Key.’
"There is an unintended consequence of pushing these companies too fast. They’re going to divest some of their projects into private companies that are not under the same level of scrutiny. You’re not actually going to move the ball forward on reducing carbon footprint.” Rebecca Babin, senior energy trader at CIBC Private Wealth Management, told Barron's.
06.08.21
Morningstar
‘U.S. Stock Futures Waver Ahead of Data’
"There will be constant gut checks from both the bond and the stock markets on whether this is transitory, or is turning into permanently higher inflation," said David Donabedian, chief investment officer at CIBC Private Wealth Management." Read
06.06.21
Yahoo! Finance
‘GameStop earnings, consumer inflation data: What to know this week’
"Thursday’s CPI data will be scrutinized after last month’s report sent up a flare on higher inflation. While the consensus is for a 0.4% monthly increase, the risk is probably to the upside as bottlenecks and other supply constraints push costs higher." David Donabedian, chief investment officer of CIBC Private Wealth, told Yahoo! Finance. Read
06.04.21
Family Wealth Report
‘CIBC Private Wealth Cautiously Bullish On Stocks, Hedges Inflation Risks’
"The core question to solve is how do you address the narrative of massive policy stimulus and the liquidity of extended valuations? We are seeing all this liquidity starting to have a meaningful impact on the real economy. This is going to lead to a boom in corporate earnings that has staying power into 2022." David Donabedian, chief investment officer, CIBC Private Wealth, told Family Wealth Report.
06.02.21
MarketWatch
'Oil extends rise, with prices on track for their highest finish in over 2 years'
"The oil market has already baked in the return of 500,000 to 1 million barrels coming back in the market from Iran this year. If those barrels do not make their way back into the market, the supply deficit could exceed the 2 million barrels per day already expected from September through December.” Rebecca Babin, a senior energy trader at CIBC Private Wealth Management, told MarketWatch.
06.01.21
Barron's
'Oil’s Latest Surge Could Last. These Stocks Stand to Benefit.'
"Essentially, you’re going to see crude oil go higher, because there’s going to be less production, and there’s going to be this period of time where the energy transition hasn’t taken full seed yet where we still need a lot of fossil fuels and crude oil products. Meanwhile, big oil companies are the main suppliers of a higher-priced commodity. That will help them." Rebecca Babin, a senior energy trader at CIBC Private Wealth Management, told Barron’s.
05.28.21
Barron's
'It’s a Peak-Good-News Market. Why That Could Be a Problem.'
“If you just look at traditional valuation metrics, they’re extended relative to history, and it’s easy to get somewhere between cautious and bearish, but we continue to have negative real yields across the yield curve, massive [quantitative easing], and a belief that as good as earnings estimates look for this year and next, they may still be too low.” David Donabedian, chief investment officer at CIBC Private Wealth Management, told Barron's.
05.24.21
Barron's
'Hot Economies Burn Out Quickly. This Is the Type of Stock to Buy.'
“You’re paying average relative valuations for above-average companies and that’s not a bad place to start fishing,” said David Donabedian, chief investment officer at CIBC Private Wealth.
05.21.21
Barron's
'Gray Divorce Comes With Unique Challenges. How Advisors Can Help.'
“One hundred dollars in cash is worth more than one hundred dollars of stock that has significant unrealized gains. Appreciated stock may be far less valuable than the equivalent cash value at the time of the settlement.” Beth McRae Mayfield, senior wealth strategist for CIBC Private Wealth Management, told Barron’s.
05.19.21
Bloomberg
'Meme Stocks Get Caught in Risk-Off Plunge to Snap Hot Streak'
“Our general sense is that that retail, day-trading bit has been on the wane over the last couple of months. I think it has probably peaked. I think people are going to be gradually going back to work, back to the office. I think that is mostly a spent force.” David Donabedian, chief investment officer at CIBC Private Wealth Management, told Bloomberg.
05.18.21
Bloomberg
'Stocks Fall for Second Day on Inflation Worries: Markets Wrap'
“The market has been trying to process a very unusual economic environment and a confluence of factors that it has not faced for a long time. It’s a new set of circumstances for markets, so we’ve had more churn over the last couple of weeks. I personally would say that the stock market has absorbed it all extremely well because there’s still a high conviction view on earnings being strong.” David Donabedian, chief investment officer at CIBC Private Wealth Management, told Bloomberg.
05.12.21
Financial Times
'Drivers empty US petrol stations in response to fuel pipeline hack'
“If they waive the Jones Act it could be an indication that the situation could drag on and not be temporary as the market is currently expecting,” said Rebecca Babin, senior energy trader at CIBC Private Wealth.
05.11.21
Yahoo! Finance
'Gas prices to normalize ‘to a certain extent’: Energy Trader'
Rebecca Babin, Senior Energy Trader at CIBC Private Wealth, US, joins Yahoo Finance’s Kristin Myers and Alexis Christoforous to discuss the ripple effects of the Colonial pipeline cyber attack. Watch
05.10.21
The Bond Buyer
'Reinvestment needs about to intensify'
“The increase [in commodity prices] confirms what has been largely known and telegraphed by the Fed: The re-opening of the global economy in an environment where supply is constrained should, and has, resulted in higher goods prices.” Gary Pzegeo, head of fixed income at CIBC Private Wealth, told The Bond Buyer.
05.07.21
MarketWatch
'Why the stock market keeps climbing after a surprisingly weak jobs report'
“The biggest concern for equity investors is overheating, and a rising bond yield. This would choke off the rally. Today the market has processed the bad economic news and it is a positive for the equity bull market,” said David Donabedian, chief investment officer at CIBC Private Wealth.
04.27.21
Bloomberg
'OPEC to Gently Revive Oil Production'
Senior equity trader Rebecca Babin, recently appeared on Bloomberg TV. Watch
04.27.21
Barron's
'The Dow Erased a 100-Point Loss Because Consumers Are Confident'
“The consumer confidence report gives credence to the fact that we’re on the cusp of an employment boom. The biggest impact of strong economic data is more about reinforcing the cyclical outperformance within the equity market.” David Donabedian, chief investment officer of CIBC Private Wealth Management, told Barron’s.
04.26.21
Barron's
'The Stock Market Got Spooked Last Week. Here’s This Week’s Surprise.'
“It was no surprise at all, but it still caused a reaction. When you’ve had a run like we’ve had, it’s hard to get upset about a pause.” Dave Donabedian, chief investment officer at CIBC Private Wealth Management, told Barron's.
04.25.21
Barron's
'6 Stocks to Buy if U.S. Growth Is Peaking'
"So a deceleration in the ISM, particularly in the prices-paid component, could be met with relief because it would mean the Fed wouldn’t have to raise rates to cool an overheating economy," says Dave Donabedian, chief investment officer at CIBC Private Wealth Management. “This environment is somewhat unique,” he says.
04.22.21
The Bond Buyer
'Primary market on a tear, inflows roll in at $1.9B'
The report suggests “a labor market with considerable slack with particular weakness in areas concentrated in service employment,” said Gary Pzegeo, head of fixed income at CIBC Private Wealth, U.S.
04.22.21
Barron's
'Summer Travel Season Is on the Horizon. Expect Oil Prices to Rise'
The OPEC+ decision was “an effective compromise that also sets up a methodical approach to frequently monitor” the oil market and adjust the pace of supply additions if required, says Adam Karpf, a managing director at CIBC Private Wealth, U.S.
04.20.21
Bloomberg
'Stumble in Stocks Lacks Easy Explanation for Wall Street Pundits'
“The weaker start to this week is driven a bit by the notion that everybody deserves a rest once in a while, even the market. We’ve had a magnificent run and markets need time to breathe a little bit -- even in a bull market, you can temporarily run out of buyers for a while.” David Donabedian, chief investment officer at CIBC Private Wealth Management, told Bloomberg.
04.19.21
Bloomberg
'Stocks Decline as Traders Wade Through Earnings: Markets Wrap'
"The economic recovery has taken hold, the earnings recovery has taken hold, everything we’ve seen from first-quarter earnings so far has been that it’s going to be a blowout quarter." David Donabedian, chief investment officer at CIBC Private Wealth Management, told Bloomberg.
04.14.21
The Wall Street Journal
'Stock Futures Waver After S&P 500 Hits Record'
“There has never been more bullish expectations on what investors think they are going to hear from companies. With earnings season, you get a lot of buy-the-rumour, sell-the-news, and there is this idea that we are going to get a blowout first quarter.” David Donabedian, chief investment officer at CIBC Private Wealth Management, told The Wall Street Journal.
04.02.21
Barron’s
‘This Torrid Market Still Has Plenty of Room to Run’
“The near doubling of the 10-year yield was overall good for the stock market.” It’s an unusual combo, but investors saw [the jump in yields] as moving away from deflation, instead of moving toward inflation." Dave Donabedian, chief investment officer at CIBC Private Wealth Management, told Barron’s.
03.22.21
The Bond Buyer
’After volatile week, munis take a pause'
“Reactions indicate that markets either see longer-term risks to inflation, or near-term risks of the Fed wavering from this new approach. If inflation gets away from the Fed and rises to 3%, they’ll be forced to be more disruptive.” Gary Pzegeo, head of fixed income at CIBC Private Wealth, told The Bond Buyer.
03.19.21
The Washington Post
’U.S. stocks retreat from record on mounting inflation fears'
“We have a pandemic, the recovery from a pandemic, the multitrillion-dollar increase in the Fed’s balance sheet, multitrillion-dollar front-end-loaded fiscal stimulus, and anyone who thinks they know exactly how this is going to play out over the 12 months is overconfident.” David Donabedian, chief investment officer of CIBC Private Wealth Management, told The Washington Post.
03.19.21
Bloomberg
’Stock Market’s Weakest Links Dominate With Full-Throttle Fed'
“A lot of these companies that were questionable going concerns are now viewed as survivors and the ones that might be able to, in the short-term, most benefit from the liquidity. There have been all kinds of support mechanisms for lower-quality companies. The Fed has absolutely wanted to create a more hospitable environment for investors to take credit risk, and they have." David Donabedian, chief investment officer of CIBC Private Wealth Management, mentioned to Bloomberg.
03.19.21
Bloomberg
’Tech Shares Push Higher While Yields Pare Gains: Markets Wrap'
“What we have to watch out for is a persistent rise in inflationary expectations and that’s how the rise in the 10-year Treasury could potentially get out of control.” David Donabedian, chief investment officer of CIBC Private Wealth Management, told Bloomberg.
03.19.21
CNBC
‘10-year yield hovers near 14-month high amid Fed bank capital decision’
"Reactions indicate that markets either see longer-term risks to inflation, or near-term risks of the Fed wavering from this new approach.” Gary Pzegeo, head of fixed income at CIBC Private Wealth, told CNBC. Read
03.10.21
Barron’s
‘The Dow Rose 30 Points Because Big Tech Roared Back’
“Right now, the market’s fixation is the10-year Treasury yield.” David Donabedian, chief investment officer of CIBC Private Wealth, told Barron’s. Read
03.08.21
Yahoo! Finance
‘Oil reverses gains after attack on Saudi oil facility’
Senior Equity Trader, Rebecca Babin, appeared on Yahoo! Finance. Watch
03.05.21
Yahoo! Finance
‘Stock market news live updates: Stocks resurge, ending a three-session losing streak after strong jobs report’
“An above average payroll report (+379k), upward revisions, and a falling unemployment rate (to 6.2%) point to continued recovery. Markets will remain concerned that the potentially massive impact of a $1.9 trillion fiscal relief package could turbo charge the recovery later in the year, and spill into higher inflation," David Donabedian, chief investment officer of CIBC Private Wealth, wrote in an email Friday morning. "A 355,000 gain in the leisure and hospitality sector suggests that the economy is re-opening from COVID lockdowns, with more expected in the months ahead." Read
03.04.21
MarketWatch
‘OPEC+ extends output cuts through April, in surprise move’
“The market had been expecting OPEC+ to bring back 1 million barrels,” said Rebecca Babin, senior equity trader at CIBC Private Wealth, U.S. “This is bullish short-term outcome for crude oil as it likely leaves the market undersupplied by 2 million barrels in April.”
Still, it should be noted that “several OPEC+ producers will be looking to ramp production quickly in the second half of the year, which will keep prices in check over the longer term,” she told MarketWatch. Read
03.04.21
MarketWatch
‘Oil prices edge higher ahead of OPEC+ decision on production curbs’
“Market participants know that Saudi Arabia likes to use the element of surprise in the OPEC+ meetings to get the market moving higher,” said Rebecca Babin, senior equity trader at CIBC Private Wealth, U.S.
“Estimates for how much production will be brought back on line in April has been ratcheting lower this week [amid] whispers that Saudi Arabia my decide to bring fewer barrels back to the market,” she told MarketWatch. “Current estimates are for 1 million barrels to be brought back online in April, down from the 1.5 million barrel base case estimates to start the week.”
03.01.21
Bloomberg
‘The Biggest Changes in Tech Over the Past Decade’
Chief Investment Officer Dave Donabedian, CFA, recently appeared on the Bloomberg Businessweek podcast. Listen
03.01.21
Barron’s
‘This Data Point Signals the Rally Could Be Nearing an End’
The market has learned not to take him at his word. “The Fed can be resolute one day and change its mind the next,” says Dave Donabedian, chief investment officer at CIBC Private Wealth Management. “That’s in the mind of investors.”
02.25.21
Yahoo! Finance
‘Ten-Year Rate Spike Sinks Tesla and ARKK, Deepening Tech Carnage’
“The trajectory of the increase is giving some equity investors pause about what if yields keep going up at this rate,” David Donabedian, chief investment officer at CIBC Private Wealth, said in a phone interview. Read
02.24.21
Financial Advisor
‘No More Gift Tax Exemption? Additional Planning Strategies To Consider For 2021’
Senior Wealth Strategist Caroline McKay was bylined in the following article. Read
02.17.21
CNBC
‘How the Texas power grid failed and what could stop it from happening again’
“They have the infrastructure in place that meets the needs 99.9% of the time,” said Rebecca Babin, senior equity trader at CIBC Private Wealth. “On these tail events, they’re really ill equipped. They’re not incentivized to invest in the infrastructure to make those improvements.” Read
02.17.21
The Wall Street Journal
‘Stock Futures Waver Ahead of Retail Sales Data’
“The vaccine rollout is picking up pace, Covid cases are going down, and at the same time, you have the administration going full throttle toward a massive relief package that will come very close to President Biden’s $1.9 trillion figure,” said David Donabedian, chief investment officer at CIBC Private Wealth Management.
02.17.21
Bond Buyer
'Munis, Awaiting Supply, Outperformed Losses in Treasuries'
Separately, the Treasury Department’s announcement that it expects the cash balance to decline, could have an impact on short-term munis, according to Gary Pzegeo, head of fixed income at CIBC Private Wealth, US. Read
02.16.21
PAM Awards
‘Family office and wealth manager winners revealed’
CIBC Private Wealth was awarded the best private wealth manager in terms of investment performance, collected by CIO Dave Donabedian who thanked his colleagues for their contributions as strong alpha-generation and a 99% client retention rate contributed to firm assets growing to $73bn during the year.
02.16.21
Yahoo! Finance
‘Oil prices hover near 13-month highs amid power outages’
Senior Equity Trader, Rebecca Babin, appeared on Yahoo! Finance. Watch
02.12.2021
Barron’s
‘The Dow Rose 32 Points. Thank Vaccines.’
“You have the cavalry coming in terms of more vaccine doses down the road,” David Donabedian, chief investment officer of CIBC Private Wealth, told Barron’s. “You also have the cavalry coming in Congress and the White House with what now looks to be Biden’s $1.9 trillion Covid relief plan. More optimism on Covid, more optimism on fiscal relief and the chances for a real boomlet in the economy later this year.” Read
02.04.2021
Bloomberg
‘Futures Climb as Weak Jobs Bolster Stimulus Bets: Markets Wrap’
“’This morning’s employment report will support the political argument that more stimulus is needed,’ noted David Donabedian, chief investment officer of CIBC Private Wealth. ‘Weak job growth in January, and downward revisions to the prior two months, will be used to support Janet Yellen’s call to “go big” with federal help for the economy,’ he said, referring to the Treasury Secretary.” Read
02.05.2021
Business Insider
‘US economy misses forecasts, adds 49,000 payrolls in January as daily virus cases peak’
“’This morning's employment report will support the political argument that more stimulus is needed,’ David Donabedian, the chief investment officer of CIBC Private Wealth, said in a statement. ‘The large drop in the unemployment rate was partly due to a decline in labor force participation (not necessarily a sign of strength).’” Read
02.01.2021
Barron’s
‘GameStop Erased the Stock Market’s January Gains. February Could Be Worse.’
“’Those headline numbers may not be as impressive, but this vaccine has a role to play,’ says Dave Donabedian, chief investment officer at CIBC Private Wealth Management.” Read
01.29.2021
MarketWatch
‘Dow slumps over 400 points midday Friday as GameStop frenzy vaccine news stresses market’
“’The market has been distracted by the excess volatility in a handful of stocks that a week ago no one cared about,’ wrote David Donabedian, chief investment officer of CIBC Private Wealth, in emailed remarks. ‘The idea that individual investors can gang up on institutional investors is intriguing as is the debate over what should and shouldn’t be regulated,’ the investment officer wrote. Donabedian said that his firm is ‘staying focused on the fundamentals, not what low quality stock is soaring at the moment, and expect to see several positive factors emerge over the coming months.’” Read
01.26.2021
Bloomberg
‘Bitcoin’s Downward Trend Raises Risk of Moving-Average Breach’
“’When you just look at the extent of the increase and you compare it to any other bubble over the last 50 years, it’s well above anything else that we might have called a bubble literally in the last half century,’ said David Donabedian, chief investment officer of CIBC Private Wealth Management.” Read
01.07.2021
Barron's
'Stocks’ Next Move Could Be Down. What History Says About the Time Till Inauguration'
"“For a while, they’re going to continue to be willing to pay up because of the positive pro-growth backdrop of more Covid relief and additional fiscal stimulus over the course of 2021,” David Donabedian, chief investment officer of CIBC Private Wealth, U.S., said of investors." Read
01.06.2021
Wall Street Journal
‘Global Stocks Attract Investors After Covid-19 Vaccine Rollout’
“’A lot of emerging economies just have stronger secular growth rates and yet their valuations are cheap relative to the U.S.,’ said David Donabedian, chief investment officer for CIBC Private Wealth in the U.S.” Read
01.05.2021
CNBC
‘Oil jumps, breaks above $50 for the first time since February as Saudi Arabia announces voluntary cuts’
“Rebecca Babin, senior energy trader at CIBC Private Wealth, noted that while the market views an extension of the cuts as positive, the fact that the group is failing to reach a consensus on the path forward cannot be discounted. This is especially true with Saudi Arabia exercising voluntary cuts.” Read