09.10.2024
BNN Bloomberg
'Oil prices under pressure'
Rebecca Babin, senior energy trader of CIBC Private Wealth, joins BNN Bloomberg and talks about oil prices under pressure. Watch 

09.06.2024
MarketWatch
'August jobs report 'doesn't scream recession. What Fed does next is a 'coin flip.'
"The soft August payroll report does not scream recession, but it does underline that the balance of risks to a soft landing scenario are to the downside,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S.

The latest data, coupled with reports released earlier this weak, clearly show the labor market has weakened, Donabedian said, in emailed comments. But investors are still trying to ascertain whether the soft landing scenario is really at risk.

As a result, whether the Fed cuts rates by 50 basis points or 25 later this month remains a "coin flip."

“The equity market is still trying to figure out how much slowing is going on in the economy. Is it a gentle flow or is stagnation a possibility. Today’s report does not settle that question. It is a coin flip what the Fed will do and futures are evenly split on the 25/50 question for this month. If the Fed lowers rates by 50 bp, the risk is that it looks like the Fed is panicking and that the recession risk is higher than generally believed."

08.09.2024
Bloomberg TV
'Stocks Swoon After Weak Treasury Sale | Bloomberg: The Close 8/07/2024'
"Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Jill Carey Hall, BofA Securities, Rebecca Babin, CIBC Private Wealth, Jason Bazinet, Citi, Laurel Durkay, Morgan Stanley Investment, Abigail Doolittle, Bloomberg News, Emily Leveille, Thornburg Investment Management, Chris Palmeri, Bloomberg News, Bernie McTernan, Needham & Co, Bailey Lipschultz & Emily Graffeo, Bloomberg News, Ken Leon, CFRA, Duncan Crabtree-Ireland, SAG-AFTRA, Stuart Paul, Bloomberg Economics. " Watch

08.08.2024
The Wall Street Journal
'The Silver Lining of a Slowing Economy: Cheaper Gas'
"That is one reason why Rebecca Babin, managing director at CIBC Private Wealth, said she doesn’t see crude prices recovering much more than 10%. Money managers who were betting on higher prices have mostly sold those positions, which could help oil rally on positive economic data. And demand isn’t about to collapse, said Babin.

On the flip side, she said, “We also know there are barrels coming back in the fall.”

08.06.2024
CNN Business
'The Fed in drinking Wall Street's tears'
“The Fed worries about systemic risk in financial markets, not disappointed investors,” wrote David Donabedian, chief investment officer of CIBC Private Wealth, in a note to clients. “Corrections happen. Even in the best of times, stock prices do not go up in a straight line. Setbacks are part of the process.” Read

08.05.2024
Barron's
'The Stock Market Isn’t Crashing, Yet. Here’s When the Circuit Breakers Kick In.'
“A minor rerating or downgrading of valuations in equities makes sense, but that doesn't mean that the bull market is over,” says David Donabedian, chief investment officer at CIBC Private Wealth US.

With inflation pulling back, Donabedian says the Federal Reserve now has more leeway to consider kicking of a cycle of rate cuts over the next one to two years.

“And you don't want to bet too heavily against the equity market when you pivot from monetary tightening to monetary easing,” he says."

08.05.2024
Bloomberg
'Why the Stock Market May Be Overreacting'
“Corrections happen,” says David Donabedian, chief investment officer at CIBC Private Wealth US. “You rarely see exactly when they're coming or exactly why, but we still think that this is a bull market that will be sustained by the end of the inflation crisis and a more accommodating Fed.”
A slowing economy could create challenges for equities to achieve the kind of earnings growth that analysts were penciling in for the quarters ahead, he says. That said, Donabedian notes the latest pullback and surging volatility seem like an overreaction.

Donabedian points out that the S&P 500 averages roughly one and a half 10% drawdowns annually. With the market seeming to ignore signs of a slowing economy until last week, it makes sense that traders would rethink their risk asset allocations.

"This reaction in equity and fixed income markets is probably an overreaction, but somewhat guided by the fact that we were at lofty valuations for key parts of the market," Donabedian says. "And those are getting beat up the most."

08.05.2024
Bloomberg
'Stock Meltdown Triggers ‘Mad Rush’ for Treasuries: Markets Wrap'
“Decelerating or slowing economic growth has sparked a classic flight to quality trade with short term Treasuries being the prime beneficiary,” says Gary Pzegeo at CIBC Private Wealth US. “What we are seeing is an unwinding of trades dependent on the higher for longer Federal Reserve theme. We will be watching the short term funding markets for signs of further damage in the near term.”

08.03.2024
MarketWatch
'An ugly July jobs report revives talk of recession and bigger Fed rate cuts'
"There is a rising risk of recession unless the Fed works more quickly now,” said David Donabedian, chief investment officer of CIBC Private Wealth."

08.02.2024
CNBC
'Fears grow that Fed is too late in cutting rates as bets rise for a half-point easing at next meeting'
“There have already been concerns that the Fed has been late to the party regarding cutting rates, and this report feeds into that narrative,” said David Donabedian, CIO at CIBC Private Wealth. “There is a rising risk of recession unless the Fed works more quickly now.”

07.30.2024
The Bond Buyer
'FOMC preview: Will there be clues about cuts?'
"While it's "highly unlikely" the Fed will cut rates this week, Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S. said, "we expect them to set the state for a 25 basis point cut in September."

He pointed to core PCE "on a path toward 2%" and decelerating employment to support his view. "It should be easier for Powell to justify reducing the amount of monetary restraint given the current balance of risks," Pzegeo said. "It's possible that the FOMC statement changes at the margin, but the bigger clues are likely to come during Powell's press conference."

07.26.2024
Barron's
'The Rotation Towards Small Stocks Resumes'
"What we are seeing is a normal market churning that gets a lot of attention,” says David Donabedian, chief investment officer of CIBC Private Wealth US. “We do get pullbacks when investors decide to take profits or look for cheaper investment opportunities. And beneath these tech headlines, other sectors have held up much better over the last couple of weeks.”

07.26.204
Bloomberg
'Oil Heads for Third Weekly Decline as China Demand Languishes'
"We need a positive catalyst and right now inventory draws are expected and not providing enough of a reason to buy this dip,” said Rebecca Babin, senior energy trader at CIBC Private Wealth."

07.18.2024
BNN Bloomberg
'China, Trump risks on the rise for oil: senior energy trader'
"Rebecca Babin, senior energy trader at CIBC Private Wealth, joins BNN Bloomberg to discuss the latest in the oil markets." Watch

07.08.2024
Barron's
'Rich Kids Can Feel Entitled. 7 Ways to Set Them Straight About Money.'
"Teach your children how to manage money early. Wealthy families should try to avoid situations where their children have never learned how to manage money and suddenly receive a windfall. It isn’t advisable to “inherit $20 million and not know the difference between a stock and a bond,” says Amanda Regnier, a senior wealth strategist for CIBC Private Wealth in New York... “In an age-appropriate way, we need to talk to our kids about money, about investing, about budgeting and philanthropy—and communicate those habits,” Regnier says."

07.03.2024
CNBC
'Babin: 2025 will be ugly for the oil markets as demand dynamics shift'
"Rebecca Babin, Senior Energy Trader at CIBC Private Wealth, discusses oil prices in response to the summer driving season and Hurricane Beryl." Watch

07.02.2024
Bloomberg
'Oil Fluctuates Near Two-Month High as Technicals Restrain Rally'
"We are up on geopolitical and hurricane risk, both of which are typical short-lived rallies,” said Rebecca Babin, senior energy trader at CIBC Private Wealth."

06.13.2024
Barron's
'The Dow and the S&P 500 are falling in early trading Thursday.'
"David Donabedian, chief investment officer of CIBC Private Wealth US, told Barron’s that a broadening of the market’s rally beyond technology and communication services stocks that happened this year has paused of late.

“Part of that story is that when monetary policy is the lead story, or the focus of market attention, this is what you get,” Donabedian says. “We've seen it apply in the reverse, right, when everybody gets apocalyptic about inflation and the Fed.”

Traders were paying close attention to monetary policy following a cool consumer price index and producer price index. But Federal Reserve officials also signaled they only expect one rate cut this year, rather than the prior forecast of three.

Donabedian expects the market will broaden out when rate cuts actually start rolling out. "That's normally a pretty good signal for smallcaps and midcaps," he says."

06.12.2024
Fox Business
'The US economy is facing its 'two biggest issues' in one day. What to know'
"It’s all about Wednesday, with the CPI report in the morning and the FOMC meeting statement in the afternoon," said David Donabedian, chief investment officer at CIBC Private Wealth U.S. "This puts the two biggest issues for the market in one day: inflation and monetary policy." Read

06.11.2024
Barron's
'Inflation in Services Holds the Key. It’s Stickier.'
"David Donabedian, chief investment officer of CIBC Private Wealth, also noted that shelter is the “problem child” for inflation. He calculates that excluding the shelter category, core inflation is back to 2%. “While rent increases have slowed in the real world, the government data mill has not caught up to reality,” Donabedian writes.

06.10.2024
Bloomberg
'Stock Rally Wavers in Fed Countdown as Euro Slides: Markets Wrap'
"The equity market has had a terrific year, but there is a current pause in the rally as the Fed comes into question,” said David Donabedian at CIBC Private Wealth US. “There is a real chance if the economy does not slow down there will be no rate cut this year.”

06.04.2024
yahoo! Finance
'Oil prices: Energy markets were expecting 'a gift' from OPEC'
"CIBC Private Wealth US Senior Energy Trader Rebecca Babin likens the oil market to an over-expectant party host: "They [the market] wanted those cuts extended into the end of 2024, and we didn't get the gift. And the market's disappointed. So that was the first kind of reaction lower that we saw on Sunday night into Monday." Watch

06.04.2024
Bloomberg
'Oil Slides to Four-Month Lows as OPEC+ Deepens Bearish Sentiment'
“We hit oversold levels in WTI this morning with RSI falling below 30, so we were set up for some relief,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “Secondly, crack spreads and time spreads are stronger today, which is a positive for physical market indicators and usually leads crude out of a selloff.”

06.03.2024
Bloomberg
'Treasuries climbed as a weak manufacturing reading fueled speculation the Federal Reserve will have room to cut interest rates this year.'
"The Manufacturing ISM data reaffirmed several prevailing economic trends: decelerating inflation, slowing growth, and a tight labor market,” says Gary Pzegeo at CIBC Private Wealth US. “We should see higher odds of a rate cut later this year priced into interest rate futures.”

06.01.2024
The Wall Street Journal
'The Brady Bunch Breaks Down: Estate Fights Tear Stepfamilies Apart'
"Using separate trusts outside the main estate plan works well to guarantee children get their inheritance, especially if the stepparent is close in age to the children, said Caroline McKay, a senior wealth strategist at CIBC Private Wealth.

Another option is giving the children money while you’re alive, or leaving them a specific dollar amount or percentage of the estate upon your death. Other families will keep their biological children in the main plan and will fund a separate trust for the new spouse and stepchildren, McKay said."

05.31.2024
MarketWatch
'Oil prices book largest monthly loss of 2024 as traders await OPEC+ decision on production cuts'
“The market has largely priced in a three-month extension of the production cuts and will react negatively to anything less,” said Rebecca Babin, senior energy trader at CIBC Private Wealth US, in emailed comments.

”If the group provides specifics on the timing and quantity of compensation from overproducing countries (Iraq, Kazakhstan, Russia), prices might see a modest increase of $1-2. Extending the cuts through the end of 2024 could support prices with a potential upside of $2-3, as it would deepen deficits in the second half of the year,” she said."

05.31.2024
Business Insider
'Stock market today: US indexes rally after cool inflation data'
"The equity market wants to see a slowdown in economic growth and today's PCE data provided a soft-landing report," David Donabedian said, chief investment officer of CIBC Private Wealth US." Read

05.08.2024
Bloomberg BNN
'Buy the dip when WTI crude tests US$75/bbl: energy trader'
"Crude prices are getting closer to the bottom of the range, but it's too soon to get back on the bull, says Rebecca Babin, senior energy trader at CIBC Private Wealth." Watch

05.06.2024
Bloomberg
'Oil Gains as Technicals Provide Support Amid Cease-Fire Progress'
“Traders are awaiting confirmation from Israel before trading on the headline,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Over $7 of geopolitical risk premium has been unwound over the past two weeks as the conflict avoided additional escalation.”

05.03.2024
Bloomberg
'Stocks Climb as Bond Traders Reload Fed-Cut Wagers: Markets Wrap'
"David Donabedian at CIBC Private Wealth US:
Weaker job growth (but still growth) along with a slowing in wage growth is a near-perfect combination for markets.
The markets have been concerned that economic growth was too strong and progress on inflation was stalled. This report leans the other way, making both the equity market and bond market very happy.
The April employment report supports the optimism expressed by Jerome Powell on Wednesday regarding how the economy would unfold in coming months, settling into a slower rate of growth with inflation coming down. Powell pointed to slackening in the labor market as an important trend, and that is what this report suggests. Futures are raising the odds of a September rate cut.
Following the April jobs report, there is rising optimism that the Fed may be more supportive of the markets now pricing in two possible rate cuts this year."

05.03.2024
Fortune
'It’s ‘just what the Fed chair wanted’ as the economy adds fewer jobs and unemployment rises to 3.9%'
“The markets have been concerned that economic growth was too strong and progress on inflation was stalled. This report leans the other way, making both the equity market and bond market very happy,” David Donabedian, chief investment officer of CIBC Private Wealth U.S., told Fortune via email. “Weaker job growth (but still growth) along with a slowing in wage growth is a near perfect combination for markets.”

05.03.2024
CNBC
'Interest rates and the AI-fueled rally remain top of mind for stock investors in the week ahead'
“The markets have been concerned that economic growth was too strong and progress on inflation was stalled,” said David Donabedian, chief investment officer of CIBC Private Wealth. “This report leans the other way, making both the equity market and bond market very happy.”

05.03.2024
The Washington Post
'Employers added 175,000 jobs in April, as labor market growth slows'
“The markets have been concerned that economic growth was too strong and progress on inflation was stalled,” said David Donabedian, chief investment officer of CIBC Private Wealth US in a written note. “This report leans the other way.”

04.26.2024
MarketWatch
'Worst of both worlds'
"David Donabedian, chief investment officer of CIBC Private Wealth, says the GDP report was the worst of both worlds with both slower-than-expected growth and higher-than-expected inflation.
Donabedian says the report will force Fed Chair Jerome Powell to adopt a hawkish tone at next week's meeting."

04.25.2024
Business Times
'U.S. GDP Grows at 1.6% in First Quarter, Falling Short of Analysts’ Forecasts'
"The GDP price index, another inflation gauge, climbed at a 3.1% rate, indicating that prices across the economy continue to rise faster than desired. "This was a worst of both worlds report - slower than expected growth, higher than expected inflation," commented David Donabedian, chief investment officer of CIBC Private Wealth US. " Read

04.25.2024
Fox Business
'US economy grew slower than expected at the start of 2024'
"This was a worst of both worlds report — slower than expected growth, higher than expected inflation," said David Donabedian, chief investment officer of CIBC Private Wealth US. "The biggest setback is the acceleration in core inflation, and in particular, the services sector rising above a 5% annual rate." Read

04.25.2024
CNBC
'GDP growth slowed to a 1.6% rate in the first quarter, well below expectations'
“This was a worst of both worlds report – slower than expected growth, higher than expected inflation,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “We are not far from all rate cuts being backed out of investor expectations. It forces [Fed Chair Jerome] Powell into a hawkish tone for next week’s [Federal Open Market Committee] meeting.” Read

04.25.2024
Barron's
'Slower Growth, Stronger Inflation Could Leave Fed in a Bind'
"Thursday's initial measure of U.S. economic activity at the start of the year showed slower growth than expected, but worse inflation. The first-quarter data was the “worst of both worlds,” writes David Donabedian, chief investment officer of CIBC Private Wealth."

04.24.2024
Bloomberg
'Treasury Yields Jump as GDP Dashes Fed Pivot Hopes: Markets Wrap'
"The most-relevant setback in the data is the acceleration of core inflation, according to David Donabedian at CIBC Private Wealth US.
“We are not far from all rate cuts being backed out of investor expectations,” he said, adding Fed Chair Jerome Powell will possibly deliver a more hawkish tone during next week’s Fed meeting."

04.24.2024
Bloomberg
'We are still closer to the ceiling than the floor in crude prices: CIBC's Rebecca Babin'
"We have seen an unwind in hedges following geopolitical tensions between Israel and Iran avoided the worst-case scenario. That is according to Rebecca Babin, senior energy trader at CIBC Private Wealth." Watch

04.23.2024
Barron's
'Stocks Rally as Bond Yields Ease. The Dow Adds 450 Points.'
"David Donabedian, chief investment officer at CIBC Private Wealth US, told Barron’s that stocks have pulled back amid higher than expected inflation numbers, rising bond yields, and shifting expectations about when the Federal Reserve will find room to cut interest rates. He says the market faces a key stretch of earnings reports as well as the Federal Reserve’s preferred inflation gauge in the days ahead.
“Almost 40% of the S&P names are reporting this week, so that will be its own source of either upside or downside volatility,” Donabedian says. “And I think that the numbers, but also the way that corporate managements frame their outlook for the rest of the year, will be quite important.”
For the personal consumption expenditures index, Donabedian believes the market is now on its back foot, expecting disappointing results.
"I think even if those consensus numbers hold, that's going to be viewed as relatively good news," he says. "Anything, even gradually, that moves toward the Fed's 2% target instead of away from it, to me, is good news."

04.22.2024
Bloomberg 
'Bloomberg Businessweek: Big Tech Earnings'
"Bloomberg Intelligence Chief Equity Strategist Gina Martin Adams looks ahead to this week’s slew of earnings reports including several from big tech companies. Bloomberg Opinion Editor Mark Gongloff explains why the only thing climate change is cooling is growth. Neatleaf CEO Elmar Mair discusses revolutionizing greenhouse farming with AI and Robotics. And we Drive to the Close with Dave Donabedian, CIO at CIBC Private Wealth Management." Listen 

04.22.2024
Bloomberg
'Oil Slides as Technical Support Vies With Limited War Risks'
"Buyers are waiting to see if crude will hold its 50-day moving average before increasing exposure,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Bullish sentiment has been burning hot into summer and many investors are already long heading into the summer driving season, leaving less ammunition to buy the dip on a sell off,” she added."

04.22.2024
The Wall Street Journal
'Energy & Utilities Roundup: Market Talk'
"Recent events between Israel and Iran turned out to be not as bad as feared, and as the market was well hedged for a worst-case scenario, traders are monetizing some of those hedges, says Rebecca Babin, senior energy trader at CIBC Private Wealth US. Buyers are waiting for the fundamental position to become clearer, and while there are some signs of loosening in the physical market, “seasonally this is not the strongest moment for crude, so I’m not surprised by that,” she adds. “I don’t think the longs have given up on this trade.”

04.19.2024
MarketWatch
'Stocks are down almost 5%, but don't blame the Middle East conflict'
"The stock market's near 5% pullback in April can't be pinned on trouble in the Middle East, according to David Donabedian, chief investment officer of CIBC Private Wealth U.S.

“Right now, the conflict in the Middle East is not driving the equity market which is focused on inflation, the Fed and bond yields," Donabedian said in emailed commentary.

"However, the equity market will look at the price of oil, which has been down this week. If it spikes, then the market will pay attention." Read

04.17.2024
Bloomberg
'Hedge Funds Sell Off Winning Energy Stocks to Buy Soaring Oil'
"We are seeing some lottery ticket buying in crude with June $250 call options as investors are actively hedging a tail event in the commodity” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “Macro hedge funds are already pretty long crude due to the reinflation trade, and to hedge against geopolitical risks they use options rather then underlying crude.”

04.16.2024
MarketsInsider
'Stock market today: US stocks rise on strong earnings as traders try to come back from streak of losses'
"While many corporations expected a weak first quarter earnings relative to the balance of the year, we feel those earlier guides were overly conservative and earnings will beat expectations handily as the first quarter earnings season progresses," Bryan Reilly, portfolio manager at CIBC Private Wealth US, said." Read

04.16.2024
The Wall Street Journal
'Wall Street Is Betting OPEC+ Can Fend Off $100 Oil'
“The market is on tenterhooks,” said Rebecca Babin, managing director at CIBC Private Wealth."

04.15.2024
Financial Post
'Oil prices could breach $100 as Middle East conflict turns more dangerous, analysts warn'
"But Rebecca Babin, senior energy trader at CIBC Private Wealth, doesn’t anticipate prices to cross the US$100 barrier since she expects OPEC to unwind its cuts if Brent crude futures hit the mid-US$90s." Read

04.15.2024
Bloomberg TV
'Iran Could Target Ships in Strait of Hormuz: Babin'
"Rebecca Babin, CIBC Private Wealth senior energy trader, says Iran could target ships in the Straitof Hormuz if tensions in the region keep escalating. Iran fired more than 300 drones andmissiles in its first-ever attack on Israel from its own soil."

04.15.2024
CNBC
'May see some unwinding of tail hedges on oil prices, says Rebecca Babin'
"Rebecca Babin, Senior Energy Trader at CIBC Private Wealth, discusses Iran’s strike on Israel and the impact on oil prices." Watch

04.15.2024
Bloomberg
'Hot Commodity Markets Are Dogging Inflation-Wary Central Banks'
“Commodities are the significant input for many industries and rising prices will start to hurt growth if higher prices are not able to be passed along to consumers,” said Rebecca Babin, senior energy trader at CIBC Private Wealth."

04.13.2024
House Beautiful
'What to Expect When You Inherit a House, According to Experts'
"Trusts help provide a roadmap for family members—they spell out the homeowner's goals and desires for their property after they pass away," says Caroline McKay, a senior wealth strategist at CIBC Private Wealth with more than 15 years of experience in wealth management." Read

04.09.2024
Yahoo! Finance
'Oil: OPEC has 'hands on the steering wheel' of energy market'
"CIBC Private Wealth US Senior Energy Trader Rebecca Babin weighs in on the oil inventory pressures associated with OPEC+'s production cuts and the Russia-Ukraine War, looking ahead to the range where oil and US gas prices could eventually settle into.

"Right now what they [OPEC+] have is a beautiful position of controlling the market. They've got their hands on the steering wheel here. They don't want to lose that," Babin tells Yahoo Finance. "You let it go too far, you get SPR (Strategic Petroleum Reserve). So, let's bring back some barrels. I think this puts a damper on this rally to $100 [per barrel] that some people are talking about. And he second big factor I think is demand destruction. You can't just have an explosive rally to the upside and think demand is going to be completely inelastic." Read 

04.08.2024
Barron's
'The indexes started Monday on mixed footing following a tough week.'
"After a stellar stretch, the market was due for the pullback that came last week, said David Donabedian, chief investment officer at CIBC Private Wealth US.

“Nothing is a straight line, but it's been a powerful first quarter, following on a really strong 2023, and it’s optimism on the economy and earnings that's driving it,” Donabedian told Barron's.
Donabedian pointed to Wednesday's consumer price index and Thursday's producer price index as key readings for the bond market's next moves.

The 10-year Treasury yield was up to 4.441%, just slightly off its 4.467% earlier in the session.
“The stock market's ability here to ignore the bond market is running on fumes,” Donabedian said. “I don't think that's going to last for too much longer. If we keep getting these significant increases in bond yields, at some point the stock market's going to have to pay attention to that.”

04.08.2024
Bloomberg TV
'OPEC Doesn't Want to be behind SPR Release: CIBC's Babin'
Watch

03.22.2024
MarketWatch
'Financial markets will 'rebel' if Fed's Powell turns out to be wrong about inflation'
"Federal Reserve Chairman Jerome Powell "put himself out on a limb this week with his expectation that inflation would behave,” said David Donabedian, chief investment officer of Atlanta-based CIBC Private Wealth US, which oversees $101 billion in assets." Read

03.21.2024
Bloomberg
'California to Sell $2.6 Billion of Bonds to Buyers Seeking Shelter'
“California’s tax revenues have been under pressure because the stock market’s been a little weaker and they derive a lot of their income taxes from capital gains,” said Christopher Lanouette, managing director at CIBC Private Wealth Group. “I suspect that if the economy does slow and they need to fill that gap, maybe there’s a potential that they raise taxes.”

03.19.2024
Fortune
'Get ready for a more expensive summer driving season: Gas prices have surged more than 12% since the start of the year'
"And Rebecca Babin, senior energy trader at CIBC Private Wealth, warned Tuesday that consumers should expect more price increases ahead.

“We are heading into summer driving season, so I do think [price increases] will continue,” she told Fortune. “Is it going to be a crazy spike like the $5 gasoline which we were talking about not last summer, but the summer before? I don’t think so. But I do think we’re going to go higher.”

03.18.2024
The Bond Buyer
'FOMC preview: How many cuts and when will they start?'
"The Fed is expected to cut rates twice, beginning in June, according to Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S.

A 25-basis-point increase in the dot plot projections wouldn't be shocking, he said. Also possible are "small increases in growth and inflation projections."

While the post-meeting statement will change only marginally, Pzegeo said, Powell's "press conference will likely reflect some concern over the pace of disinflation in services and a need for patient policy."

03.18.2024
Barron's
'Talking Markets with CIBC's David Donabedian'
"Barron's senior managing editor Lauren R. Rublin, senior writer Nicholas Jasinski and David Donabedian, chief investment officer at CIBC Private Wealth Management discuss the outlook for financial markets, industry sectors, and individual stocks." Watch

03.18.2024
BNN Bloomberg
'WTI is on a slow grind to US$85: energy strategist'
"Seasonality and low inventories are really helping oil break out past US$80, says Rebecca Babin, senior energy trader at CIBC Private Wealth." Watch

02.26.2024
Barron's
'Dow, S&P 500 Post Record Closes'
“We have had a powerful rally and there is still a lot of momentum in the market,” writes David Donabedian, chief investment officer of CIBC Private Wealth US. “Anyone who goes against it—taking positions that the market will go in the other direction—will be sorry. You do not want to bet against this market in the short term.”

02.26.2024
Barron's
Stock Rally Wanes After S&P 500 Touches 5,100 Mark: Markets Wrap'
"The strength of the US equity market has been driven by a mix of solid economic growth, optimism that inflation will continue to come down and excitement about AI and the companies that will benefit from it, according to David Donabedian, chief investment officer of CIBC Private Wealth US.

“We have had a powerful rally and there is still a lot of momentum in the market,” Donabedian said. “Anyone who goes against it – taking positions that the market will go in the other direction – will be sorry. You do not want to bet against this market in the short term.”

02.22.2024
Bloomberg
"Oil Rises Near Upper End of Range on Signs of Tighter Market"
“The numbers were not a game-changer for the broader narrative, but did show signs of green shoots and may quell some fears of demand collapse,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth."

02.13.2024
Bloomberg
'Oil Rises as OPEC Demand Outlook Aids Push Past Technical Level'
“A rare day to see crude decouple from equities” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Positioning, which has become increasingly important for the direction in crude, was pared down last week,” and “builds in inventories are expected this week and may temper upside.”

02.12.2024
Bloomberg
'NFL Succession Crisis Forces Teams to Let Private Equity In'
“If an owner still wants control, but wants to do some planning, they may transfer some interest into an irrevocable trust, via a partnership or an LLC,” said Caroline McKay, a senior wealth strategist with CIBC Private Wealth. This reduces the size of the estate and helps lower the value of the underlying asset, since minority stakes tend to sell at a discount to controlling shares." Read

02.10.2024
Business Insider
'Tech stocks' huge gains shouldn't make investors fear dot-com bubble 2.0'
"Over the last several years, the vast majority of the Magnificent Seven's stock return was driven by profit growth, not multiple expansion," Philip D. Lorenz, senior Equity Analyst at CIBC Private Wealth US, said." Read

02.09.2024
Bloomberg
'S&P 500 Tops 5,000 Mark After Fed-Friendly Report: Markets Wrap'
"To David Donabedian at CIBC Private Wealth US, this backdrop supports, current market momentum.
“As we have seen this past week, there is still a lot of bullish sentiment in the equity market,” Donabedian noted. “The market has pivoted from believing the Fed would be its savior to deciding it doesn’t need a savior with the economy supporting it.”

02.06.2024
Yahoo! Finance
'Oil prices have room to rise, trader says'
"Rebecca Babin, US Senior Energy Trader at CIBC Private Wealth, joins Yahoo Finance Live to weigh in on oil market dynamics, calling it a "tricky, tricky market" regarding supply and demand. Babin notes investors are watching China demand and surging US production." Read

02.05.2024
Bloomberg
'CIBC oil specialist Rebecca Babin sees crude headed back above US$80'
"Rebecca Babin, senior energy trader at CIBC Private Wealth, says the cost of diverting tankers from the Red Sea is a major factor supporting oil. She argues that OPEC+ is determined to support prices by keeping down production and she sees crude topping US$80 later this year." Watch

02.03.2024
Business Insider
'Red Sea turmoil is the only thing keeping oil prices as high as they are'
"Even though it doesn't look like it's going a lot higher, it's supporting the downside of what is looking like a little bit of fundamental weakness," oil analyst Rebecca Babin, from CIBC Wealth Management, said." Read

02.02.2024
Business Insider
'US stocks surge in tech-led rally after red-hot jobs report'
"Today's jobs report calls into question the narrative of a soft landing for the economy," David Donabedian from CIBC Private Wealth said. "The January jobs report was pretty dramatic, implying there may be no landing. The economy is ripping ahead." Read

02.02.2024
Bloomberg
'Stocks Climb Amid Signs Economy is ‘Ripping Ahead’: Markets Wrap'
“Today’s jobs report calls into question the narrative of a ‘soft landing’ for the economy,” David Donabedian at CIBC Private Wealth US. “The January jobs report was pretty dramatic, implying there may be ‘no landing.’ The economy is ripping ahead.”

02.01.2024
Barron's
'The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite made solid gains. Treasury yields were lower.'
“You had, you know, probably a little bit of negative overreaction in the market yesterday,” Dave Donabedian, chief investment officer of CIBC Private Wealth, told Barron's."

01.31.2024
The Bond Buyer
'FOMC Preview: Fed Watchers Already Looking Past January'
"Gary Pzegeo, head of fixed income at CIBC Private Wealth, US, is watching for information about "how they are preparing to shift gears on both rates and the balance sheet, especially in the face of current market pricing."

The market is also pricing in "roughly 1.00% more easing that the Fed has signaled," he noted."Given recent comments from Fed officials we would not be surprised if the Fed pushed against those market predictions."

01.29.2024
Bloomberg
'Oil Erases Gain as Traders Await US Response to Deadly Attacks'
"You need people to believe the rally and not just be afraid of losing money,” Rebecca Babin, a senior energy trader at CIBC Private Wealth, said in a phone interview."

01.22.2024
CNBC
'CIBC Private Wealth CIO: Bulls see economy as bullet proof'
"There’s a shift in the justification for bullish investors, according to David Donabedian, chief investment officer of CIBC Private Wealth.

Donabedian said the “story is changing” for bulls. They have moved beyond excitement about the potential for forthcoming interest rate hikes, he said, to an all-around confidence that the economy is infallible.

“Investor optimism had been driven by the belief there would be aggressive rate cuts by the Fed,” Donabedian said. “Now investor belief has pivoted to view the economy as bullet-proof. No matter how high interest rates go, the economy will continue to glide right through.” Read

01.25.2024
Bloomberg
'Oil Jumps to Two-Month High on US Stockpile Drop, China Stimulus'
"Crude is breaking above short-term resistance as technical and fundamental data points have improved, while geopolitical dynamics have gotten worse,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Sentiment remains quite bearish, so there is some room to run here if things continue to improve from a fundamental perspective.”

01.22.2024
Bloomberg
'S&P 500 Rises as US Stocks Build on Record High: Markets Wrap'
“The story is changing for bulls,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “Investor optimism had been driven by the belief there would be aggressive rate cuts by the Fed. Now investor belief has pivoted to view the economy as bullet-proof. No matter how high interest rates go, the economy will continue to glide right through.”

01.19.2024
Bloomberg
'Oil Edges Lower as Oversupply Forecasts Outweigh Red Sea Risks'
"The market remains gripped by a fundamental pessimism and is relying heavily on geopolitical developments to eke out gains, said Rebecca Babin, a senior energy trader at CIBC Private Wealth."

01.09.2024
MarketWatch
'Record U.S. oil production sparks battle for market share with Saudi Arabia and OPEC+'
"U.S. oil production exceeded expectations in 2023 as efficiency and productivity gains surprised the market and offset some of the OPEC+ output cuts, said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S. " Read

01.05.2024
The Wall Street Journal
'Stocks End Rough Week on High Note After Jobs Report'
"For investors to take a look at particularly some of the stocks carrying the highest multiples and say, ‘Maybe we want to take some profits there,’ that’s a very rational outcome,” said David Donabedian, chief investment officer at CIBC Private Wealth US."

01.04.2024
Bloomberg Radio
'Bloomberg Businessweek: China Tensions and Apple'
Chief Investment Officer Dave Donabedian, CFA, recently appeared on Bloomberg Radio. Listen 

01.01.2024
Business Insider
'From China to OPEC+, here are the biggest wildcards that could jolt oil markets in 2024'
"I don't want to say they're out of ammo, but they're kind of out of ammo," Rebecca Babin, a senior equity trader for CIBC Private Wealth, told Business Insider." Read

12.18.2023
CNBC
'Suez Canal oil demand destruction “much less at risk” than thought: Senior equity trader'
Rebecca Babin, CIBC Private Wealth, joins the ‘Fast Money’ traders to discuss the oil gains following BP’s decision to pause shipments through the Red Sea.

12.15.2023
Barron's
'The Bulls Are Back. They May Not Like the Reasons Why the Fed Is Easing.'
“Markets interpreted the [Federal Open Market Committee] meeting as a green light to price in the perfect investment backdrop for 2024: falling inflation and moderate economic growth,” says David Donabedian, chief investment officer at CIBC Private Wealth US. “This is a powerful rally, and not one to get in the way of in a seasonally positive time for equities.”

...

“The Fed doesn’t cut interest rates to be magnanimous; they cut interest rates because they see weakness in the economy or rising financial risks,” Donabedian says. He expects that to play out next year as the proverbial “long and variable lags” of monetary tightening are felt in the economy.

That could lead to a credit-tightening recession, something that seems likely, given that traders are pricing in as many as six rate cuts in the next year, a sign that any economic landing will be “more hard than soft,” Donabedian says. A slowdown could last for a few quarters but create a setup for a more durable bull market in the back half of 2024." Watch

12.14.2023
Bloomberg
'Oil Rebounds From July Lows as Fed Signals Stoke Risk-On Mood'
“Crude is catching a bid with the rest of risk assets,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. But a sustained rally will come from strengthening timespreads and inventory draws, she added.

12.13.2023
yahoo! Finance
'Oil Rises as Large US Stockpile Drawdown Gives Bears Pause'
“All and all, this is pretty bullish,” Rebecca Babin, a senior energy trader at CIBC Private Wealth, said of the inventory drawdowns. “Is it enough to spark a ‘true believers’ rally? No. But maybe gives shorts some pause on pressing further.” Read

11.30.2023
Bloomberg
'Oil Extends Declines With Traders Disappointed by OPEC+ Cut'
“Nigeria and Angola numbers will look like cuts on paper,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth, but “will not be barrels off the market.”

11.27.2023
BNN Bloomberg
'Saudi Arabia using ‘lollipop cut’ as a whip to bring other member states in line: analyst'
Rebecca Babin, managing director and senior equity trader at CIBC Private Wealth, joins BNN Bloomberg as investors await the next update from OPEC+ to weigh in to talk about some of the top risks for oil with Saudi Arabia signaling support for further supply cuts. Watch

11.27.2023
Bloomberg
'Oil Declines as Traders Wrestle With Chance of OPEC+ Output Cuts'
"The decision by OPEC+ to delay its November meeting “increased both uncertainty and expectations, which is a dangerous cocktail for traders,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Real money wants to see if the OPEC put is still in place and get a better feel for how 2024 will shape up before getting back involved.”

11.17.2023
Bloomberg
'Oil Heads for Fourth Weekly Drop as High Supply Pressures OPEC'
“Crude bulls were taken to the proverbial woodshed this week as the commodity experienced a frictionless selloff that occurs when bulls lose conviction and macro driven traders catch a whiff of deflation,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. Volatile markets and low trading volumes may be ahead as consensus shifts toward Saudi Arabia and Russia extending voluntary cuts through at least the first quarter, she added.

11.17.2023
Bloomberg
'S&P 500 Treads Water After Its $2.7 Trillion Rally: Markets Wrap'
“While it is unlikely the Fed will raise rates, investors are jumping ahead too quickly embracing rate cuts. We will likely go for months with the current Fed policy in place even if inflation continues to come down,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “Some time in 2024 the Fed will start to lower rates. But we are in a waiting game.”

11.16.2023
Financial Times
'Stock investors face up to tough reality of higher rates'
“For much of the past 15 years or so . . . we had the perfect cocktail for equities,” said David Donabedian, chief investment officer at CIBC Private Wealth Management. “This is different, and I think it’s going to be different for some time.”

11.09.2023
Squawk Box
'We’re not seeing the oil inventory draws that we’ve seen despite robust supply: CIBC’s Rebecca Babin'
Rebecca Babin, CIBC Private Wealth senior energy trader, joins ‘Squawk Box’ to discuss the state of the oil market after prices slid to their lowest levels in months, the impact of waning demand in the U.S. and China, and more. Watch

11.08.2023
Markets Insider
'US stocks are on their longest winning streak in 2 years – but the Fed and an earnings slowdown still linger as threats, analysts warn'
"While last week was a good one for the equity market, it will not always be that easy," CIBC Private Wealth US CIO David Donabedian said in e-mailed comments Tuesday. "We expect the rest of the year to be volatile, going through manic depressive swings based on where interest rates are headed." Read

11.06.2023
Bloomberg
'Wall Street Faces ‘Reality Check’ After Big Rally: Markets Wrap'
“There may be a reality check ahead on the Fed,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “We expect the rest of the year to be volatile, going through ‘manic-depressive swings’ based on where interest rates are headed. Several members of the FOMC will be speaking this week, and one or more of them might take a more hawkish tone than Powell last week.”

11.03.2023
Bloomberg
'Oil Heads for Weekly Drop on New Demand Woes, War’s Containment'
"Markets have largely revolved “around demand concerns as Chinese economic data has continued to come in weak and US inventories built,” said Rebecca Babin, a senior energy trader at CIBC Private
Wealth. She added that investors are waiting to see if Saudi Arabia leaves official selling prices untouched as anxieties over contagion in the Middle East wane."

10.31.2023
The Bond Buyer
'USTs, Consumer Habits, Muddy FOMC Picture'
"Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S., agreed there won't be a rate change but the Fed will keep the possibility open for December. 'Financial markets have tightened since the Fed's last meeting - long-term rates are higher; equity prices are lower - and that would normally give the Fed cover to back away from tigher monetary policy he noted' "

10.27.2023
Bloomberg TV Canada
'This is a headline driven market: Equity trader on how investors are playing crude'
"Rebecca Babin, managing director and senior equity trader at CIBC Private Wealth, joins BNN Bloomberg to talk about the bull-bear debate for oil and where geopolitical tensions fit in." Watch 

10.27.2023
Barron's
'The Nasdaq Slumps Again as Tech Earnings Disappoint'
“There were some great expectations priced into the market for ever-accelerating revenues and earnings, and so it's a reality check,” David Donabedian, chief investment officer at CIBC Private Wealth US, told Barron’s.
Donabedian notes that a group of seven big tech stocks nicknamed “The Magnificent Seven” which includes Apple, Amazon.com, Google parent Alphabet, Facebook parent Meta Platforms, Microsoft, Nvidia, and Tesla, were credited with driving the market’s rally earlier this year. Microsoft (MSFT) and Alphabet (GOOGL) shares went in different directions on Wednesday after investors had opposite reactions to their respective reports.
“The healthy part of it is that it's a reminder that ‘The Magnificent Seven’ should not be viewed as one stock or a package,” Donabedian says. “They are in fact individual companies with different dynamics, and you have to analyze each separately.”

10.25.2023
Bloomberg
'Oil Swings as Israel Delays Attack for US to Assemble Defenses'
“Crude is trading from headline to headline as the market tries to price in the potential” of war ensnaring multiple countries in the Middle East, said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Living headline to headline keeps traders on the edge of their seats and likely to react quickly before understanding the full impactions of what is happening.”

10.21.2023
CNBC
'Dow closes nearly 300 points lower after 10-year Treasury yield tops 5% for the first time since 2007: Live updates'
“The stock market is watching the bond market and doesn’t like what it sees,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Yields are rising, even with the relatively good news about inflation. This is the primary reason the stock market has been weak.” Read

10.20.2023
Bloomberg
'Energy Stocks Keep Rising After Middle East Tensions Widen
boosting prices.'
“Crude prices could easily go above $100 a barrel in the event that the conflict between Israel and Hamas spreads across the Middle East,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. Brent crude futures prices were about $92 a barrel on Friday."

10.20.2023
Investorplace News
'Why are stocks down today?'
"David Donabedian, Chief Investment Officer of CIBC Private Wealth Management, said the following about the market in a statement to CNBC:

“The stock market is watching the bond market and doesn’t like what it sees […] Yields are rising, even with the relatively good news about inflation. This is the primary reason the stock market has been weak.” Read

10.17.2023
Bloomberg
'Oil Steadies as Biden Commits to Israel Trip to Contain Crisis'
"Traders remain on high alert” while oil remains in a holding pattern, said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Many investors are not willing to make outright bets on crude in the current environment but are actively buying upside call options in the event crude supply is impacted. It is a low conviction, highly volatile trading environment.”

10.17.2023
yahoo! finance
'Iran's involvement in Mideast conflict 'key focus' for oil markets'
"CIBC Private Wealth U.S. Senior Energy Trader Rebecca Babin joins Yahoo Finance Live to discuss the geopolitical pressures bearing down on oil prices and the greater outlook for global oil production."  Watch

10.16.2023
Bloomberg TV Canada
'Four ways the Israel-Gaza war could spike the price of oil'
"Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., joins BNN Bloomberg for her four scenarios on how the Israel-Gaza war could escalate and how these events could spike the price of oil; one scenario including a price-spike to US$115/bbl." Watch 

10.13.2023
Barron's
'Oil Prices Could Spike Above $100 if the Israel-Hamas War Widens
barrels of oil exports per day.'
“In that case, you’re well above $100 oil,” says Rebecca Babin, a senior energy trader at CIBC Private Wealth US.
Babin assumes that a problem in the Strait of Hormuz would be dramatic but short-lived because the U.S. would get involved to break the logjam.
Absent a more dramatic shift in the war, Babin sees oil trading in a range of $80 to $95 through the end of the year."

10.10.2023
Business Insider
'The crisis in the Middle East could fuel a flare-up in inflation and hasten an economic slump for the US'
"Developments in the Middle East will pose more of a risk to the US economy "if the conflicts become regional, if Iran becomes involved," according to CIBC Private Wealth US's CIO David Donabedian.

"The best measure of whether the conflict has negative staying power will be the price of oil," he added. That will be the biggest risk that could hurt the economy, corporate profits and inflation."

10.09.2023
Bloomberg
'Bloomberg Markets 10/09/2023'
Deadly attacks by Palestinian militant group Hamas on Israel have turned attention toward Iran, with the potential to draw Tehran’s other proxies across the Middle East into an escalating conflict. Bloomberg's Matt Miller discusses the fallout from the attacks. Guests include: Eurasia Group's Ian Bremmer, Atlantic Council's Kirsten Fontenrose, CIBC's Rebecca Babin & UCL Centre on US Politics Julie Norman. Watch

10.09.2023
CNN Business
'Dow climbs nearly 200 points as investors brush off worries about rising oil prices'
“Right now there are a lot of ‘maybes’ and ‘ifs’ — and a real lack of clarity,” said David Donabedian, chief investment officer at CIBC Private Wealth US, adding that “markets will continue to look at everything it usually looks at,” including climbing bond yields and the Federal Reserve’s future monetary policy decisions. Read

10.09.2023
Reuters
'Oil prices surge on fears of Mideast conflict adding to supply tightness'
"The most serious outcome for crude is that the conflict escalates into a more devastating proxy war which could affect crude supply," said Rebecca Babin, senior energy trader at CIBC Private Wealth US. Read

10.09.2023
Bloomberg
'Oil Surges as Israel Conflict Reignites Middle East Volatility'
“Recently crude has been prone to overreact to geopolitical events and price increases have been short-lived,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “This situation may prove to be the exception,” with the market especially sensitive to potential supply disruptions."

10.02.2023
Bloomberg
'Oil Drops Below $90 as Sentiment Sours Ahead of Powell Speech'
“Rates and the dollar are primary drivers today,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Much of the physical market tightness has been priced in, and the most severe inventory draws maybe behind us.”

09.29.2023
The Wall Street Journal
'Wall Street Expects Hot Oil Prices to Cool Down'
"But if prices do climb much higher, many believe Saudi Arabia will try to bring them back down by tapping into the copious spare crude capacity its cuts have left it with. Riyadh is reaping favorable revenues with prices where they are now, said Rebecca Babin, senior energy trader at CIBC private wealth, and worries about the damage that higher prices could do.
“I think they’ve learned the hard way that letting prices rip higher and the long-term demand destruction that follows isn’t worth it,” Babin said."

09.28.2023
yahoo! finance
'Gas prices remaining 'higher for longer' and so could energy stocks'
CIBC Private Wealth Senior Equity Trader Rebecca Babin joins Yahoo Finance to discuss what this means for consumers and how energy stocks, like Exxon Mobil have remained robust. Watch

09.19.2023
The Bond Buyer
'Summary of Economic Projections Will be Closely Monitored'
"For Gary Pzegeo, head of fixed income at CIBC Private Wealth US, the key tot he SEP projections is whether the Fed signals another 2023 rate increase. 'We think the majority of Fed officials will want to have the option of hiking in either November or December and the dot will likely remain in place,' he said. 'The June projection was founded on faster projections for growth and core inflation than previous estimates. If anything, the growth story is more robust since June. Core inflation has decelerated but is not slow enough to justify a lower projection by the end of 2023."

09.09.2023
Bloomberg
Hedge Funds Hurt by Oil’s Dip in First Half Pile Back Into Crude
"Financial investors’ rising participation in the oil market should increase liquidity and provide a buffer against extreme moves both up and down, Rebecca Babin, a senior energy trader at CIBC Private Wealth, said in July. But the resilience of those investors’ conviction remains an open question.
“Unfortunately, with some of the carnage wreaked in the first half of the year, hedge funds will be running tight risk parameters,” she said. “So they could easily be shaken from the market again if things don’t play out the way they are positioned.”

09.06.2023
CNBC
'Short-sellers have been flushed out of the oil market, says CIBC’s Rebecca Babin'
Rebecca Babin, Senior Energy Trader at CIBC Wealth, discusses Saudi Arabia and Russia’s decision to extend oil production cuts to the end of the year. Watch

09.01.2023
Bloomberg
Oil Surges Through $85 Barrier as OPEC+ Supply Cuts Grip Market
“$85 WTI is a huge psychological level,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “To break through and hold we will need confirmation of Saudi-Russia cut extensions and confidence that China stimulus has started to take hold and improve sentiment there. I think we will break above $85 and hold, but we may test and fail a few times first.”

09.01.2023
Bloomberg
‘Near perfect’ jobs report has traders betting Fed is done hiking rates'
"The Treasury yield curve is steepening in response to the data, suggesting that the bond market expects the Fed is done,’ said Gary Pzegeo, head of fixed income at CIBC Private Wealth US.... "The combination of slower job growth, a rising labor-force participation rate, and weaker earnings growth makes this a near perfect report from the Federal Reserve’s perspective,” said David Donabedian, chief investment officer of Atlanta-based CIBC Private Wealth US, which oversees $100.7 billion in assets. Donabedian’s colleague, Gary Pzegeo, the firm’s Boston-based head of fixed income, added that “normalizing conditions in the labor market makes the Fed’s job easier and reduces the odds of another tightening this year,” and “the Treasury yield curve is steepening in response to the data, suggesting that the bond market expects the Fed is done.”
 

09.01.2023
Bloomberg
'Stocks Climb as Jobs Report Fuels Fed-Peak Wagers: Markets Wrap'
"David Donabedian, chief investment officer of CIBC Private Wealth US:
“This report supports the market consensus that the FOMC is very unlikely to raise the fed funds rate at their Sept. 20 meeting. The combination of slower job growth, a rising labor force participation rate, and weaker earnings growth makes this a near perfect report from the Federal Reserve’s perspective.”

08.30.2023
Bloomberg
'Oil Swings in Thin Trading, Shrugging Off Stockpile Drawdown'
“The reaction reflects a bit of apathy as summer draws to an end and concerns about additional supply into year end,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth.
Meanwhile in Africa, soldiers seized power in OPEC member Gabon. Army officers appeared"

08.27.2023
The Wall Street Journal
'Futures markets show a growing expectation that interest rates could stay higher for longer, exerting pressure on stocks'
“At what point does the bond market provide competition to the stock market in the eyes of investors?” said David Donabedian, chief investment officer of CIBC Private Wealth US."

08.25.2023
Markets Insider
'US stocks close higher as traders brush off Powell's warnings of more potential rate hikes'
"Powell said little to change market expectations in the very short-term," CIBC Private Wealth's Gary Pzegeo said in a statement on Friday. "Beyond September, markets may have to adjust the rate outlook higher, particularly if the recent run of faster than expected growth continues to play out."

08.25.2023
CNN Business
'How Wall Street reacted to Powell's speech'
"Powell left open the issue of additional tightening to arrest inflation. The bond market is not very convinced of another move, particularly at the September meeting," said Gary Pzegeo, head of fixed income at CIBC Private Wealth US."

08.25.2023
Bloomberg
'Bond Yields Rise, Stocks Drop on Powell’s Remarks: Markets Wrap'
Gary Pzegeo at CIBC Private Wealth US:
“No real surprises from Jerome Powell today. It is a very different environment than a year ago when Powell saw a much larger disconnect between the Fed’s expectations and the bond markets’ pricing. Powell didn’t add much in the way of new information, but he did reiterate that the Fed will ‘keep at it until the job is done.’
“The bond market is not very convinced of another move, particularly at the September meeting. Powell said little to change market expectations in the very short-term. Beyond September, markets may have to adjust the rate outlook higher, particularly if the recent run of faster than expected growth continues to play out.”

08.21.2023
Bloomberg
'Oil Falls in Thin Summer Trading on Signs of Rebounding Supply'
“We will continue to test $80 to the downside in WTI until rates take a breather or we get more aggressive stimulus from China,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “The market tightness is pretty well priced at this point as evidenced through spreads. Right now macro is back in the driver’s seat, and rates and China are the drivers.”

08.19.2023
The Wall Street Journal
'The Moves Wealthy Families Are Making to Skirt Estate Taxes'
"Caroline McKay, a senior wealth strategist at CIBC Private Wealth in Boston, said she has clients who make these gifts to such a large pool of relatives, including grandchildren, nieces and nephews, and spouses, they are getting hundreds of thousands of dollars out of their estate each year... For individuals facing estate taxes, making gifts to a dynasty trust can preserve more wealth for your children. The trust removes the assets from both your estate and your children’s estates, McKay said. These trusts typically benefit children but also grandchildren and future generations."

08.18.2023
Bloomberg
'S&P 500 Heading for Worst Week Since SVB Bank Fall: Markets Wrap'
“Investors are concerned that if bond yields continue going higher, the economy is too strong and the Fed will need to raise interest rates further,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “And with the bond yield high enough, that poses competition for equity investors who feel the bond market is less risky than the stock market right now.”

08.18.2023
MarketWatch
'U.S. stocks mostly lower, S&P 500 stumbling to third straight weekly loss on rising yields, China worries'
"A few months ago if we were to predict a pullback in the equity market we'd say the catalyst was recession, said David Donabedian, chief investment officer of CIBC Private Wealth US. "Instead, the August pullback is driven by equity investors concern over the bond market and China. Bond yields have surged higher, making investors nervous. Investors are concerned that if bond yields continue going higher, the economy is too strong and the Fed will need to raise interest rates further. And with the bond yield high enough, that poses competition for equity investors who feel the bond market is less risky than the stock market right now," he said, in emailed comments, while noting that even with the current pullback, the market is still up around 15% for the year.

08.14.2023
Axios
'Why "we're not out of the woods" as banks pull back on lending.'
"The word recession has kind of been canceled, but we said a year ago that forces are in place to create a recession. That's still in the cards," Dave Donabedian, chief investment officer of CIBC Private Wealth Management, tells Axios in an interview. Better-than-expected earnings, private payrolls and retail sales are inherently backward looking, and "have no predictive value of the future. Recent leading indicators point to a significant weakening in the economy," he adds. "Moody's downgrade was a symptom of the problem…for interest rate reasons but also more secular reasons, we're going to go through a rough patch." Read

08.07.2023
Bloomberg Markets: The Close
Chief Investment Officer Dave Donabedian, CFA, recently appeared on Bloomberg TV. You can watch his segment, which starts at the 51:00 mark. Watch 

08.07.2023
Bloomberg Businessweek Podcast
'Cathie Wood Optimistic on SEC Spot-Bitcoin ETF Approval'
Chief Investment Officer Dave Donabedian, CFA, recently appeared on Bloomberg Radio. You can listen his segment at the 29:32 mark. Listen

08.07.2023
Bloomberg
'Oil Falls as Black Sea Risk Dismissed Until Supply Halts Arrive'
“The crude market has a poor record of anticipating the impacts of supply disruptions” and oil traders are “hesitant to make assumptions until supplies are off the market,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “The fact that Saudi Arabia has plenty of spare capacity in the short term is also helping buffer any supply related reaction.”

08.04.2023
CNN
'Not everyone is convinced the US will avoid a recession'
"Before the Bell spoke with David Donabedian, chief investment officer at CIBC Private Wealth US, about why he believes the economy, and markets, aren’t out of the woods." Read

08.04.2023
CNN
'Oil prices are up 20% and energy stocks are rebounding'
“You kind of needed all of those things to happen at once,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. Read

08.02.2023
Bloomberg
'Record Crude Inventory Drop Fails to Shake Oil’s Macro Gloom'
“These draws are undeniably huge, but generally we lose some of the seasonal momentum from here,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “The macro risk trade is starting to rear its head again, so the market is not buying crude on this inventory data, but using it as a chance to sell crude as the next few months likely bring a moderation in growth.”

08.01.2023
Bloomberg
'Oil Volatility Plunges as OPEC Injects Calm Into Choppy Market'
“Cross-asset volatility is very low and interest rate vol has come down a lot, so that does play into it,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. The market is confident that OPEC will provide a floor to prices and the threat of higher interest rates caps upside potential, likely keeping oil volatility muted, she added."

07.25.2023
CNBC Squawk Box
'Crude oil rally can continue if the supply side holds true, says CIBC’s Rebecca Babin'
Rebecca Babin, CIBC Private Wealth senior energy trader, joins ‘Squawk Box’ to discuss the crude oil market Watch

07.24.2023
Bloomberg
'Oil Hits Three-Month High Amid Tighter Supplies, Refinery Outage'
“Commentary out of China is disappointing to some markets, but the fact that we are seeing stimulus, if they do anything to support the economy, it’s positive for crude because I don’t think crude has priced in stimulus,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth."

07.24.2023
The Bond Buyer
'FOMC preview: One and done?'
"Although the Fed held rates at the last meeting, they increased "expectations for growth, inflation and employment" for the rest of the year said Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S.
"They sent a message to markets to expect, first the pause to be short, very short, and second, to prepare for higher peak interest rates than they'd previously communicated," he said."

07.24.2023
The Wall Street Journal 
'Global Hunt for Crude Sends Offshore Oil Stocks Soaring'
The U.S. shale boom has driven global oil supply growth for much of the past decade, but appears to have passed its prime, said Rebecca Babin, senior energy trader at CIBC private wealth. The need to compensate for a recent lack of investment could also power the current upturn for at least another five to seven years, she said.
“People are starting to pay a lot more attention to offshore,” Babin said. “There’s money flowing into it, and it’s a hotter topic than it’s been in years.”

07.20.2023
Bloomberg
'Oil Edges Up in Choppy Trade as Liquidity Drops to Six-Month Low'
“Open interest has dropped precipitously this week, reflecting the low-conviction trading action and reinforcing the view that systematic traders continue to be in control of price action,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth."

07.14.2023
MarketWatch
'Why markets are misjudging the Fed’s ability to raise rates even though inflation is slowing'
“Inflation coming down has led to market anticipation that the Fed does not have much more tightening to do,” said David Donabedian, chief investment officer of CIBC Private Wealth US, which has $94 billion in assets under management and administration. “And the big banks are looking solid with recent earnings reports. While this might be a short-term swing in sentiment, the market is not fighting the optimism and seems to be pricing in economic nirvana,” “While we are pleased to see progress on the inflation front, we continue to have concerns about a weakening economy and lower demand that would result to a challenge for corporate earnings,” Donabedian wrote in an email. “There are some economic indicators that look good — like jobs — but these are telling us how the economy is doing yesterday and today. They don’t predict the future.”

07.13.2023
Financial Post
'Oil drops as technical resistance, profit-taking stall rally'
“Technicals are driving trading action today as crude is bumping up against significant resistance,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth." Read

07.13.2023
Bloomberg
'Oil Settles at 11-Week High as Supply Outages Tighten Market'
“This event is garnering heightened attention as the market has recently inflected from a surplus to a deficit,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “The macro backdrop has improved, making every barrel important.”

07.12.2023
BNN Bloomberg
'Brent closes above $80 for the first time since April on cooling CPI'
“Softer CPI and weaker dollar helped crude break above some important technical levels,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth." Read

07.09.2023
The Wall Street Journal
'How to Leave Grandkids Your Retirement Savings—and Not a Huge Tax Bill'
"By leaving an IRA outright to grandchildren, even with the 10-year payout period there is a danger that they'll see the IRA inheritance as a windfall and the money can be gone quickly, said Caroline McKay, a senior wealth strategist at CIBC Private Wealth in Boston.

It is important to talk about how you would like them to use the money, for a house down payment or to start a business perhaps.

"The more transparency around what the money was meant for, the more likely they'll respect the grandparents' wishes," she said.'

07.07.2023
Bloomberg
'JPMorgan Doubts That the Approval of a US Bitcoin ETF Would Be a Game-Changer'
“I don’t think you’re going to see massive flows into these spot ETFs,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “I don’t get the sense that there is massive pent-up demand to have Bitcoin exposure.”

07.06.2023
Bloomberg
'Oil Finishes Flat After Choppy Trade Buffeted by Mixed Signals'
“I think Saudi Arabia realizes that there is a mismatch between the different grades of crude due to the production cuts and is trying to recalibrate regional grades by raising its OSP and forcing buyers to other regions,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “This is really threading the needle and shows just how hard it is balance markets in current environment.”

07.06.2023
Bloomberg
'Stocks Trim Losses as Traders Turn to Payroll Data: Markets Wrap'
“The selloff is driven by the idea that the economy is a freight train that can’t be stopped and that the Fed is going to have to work even harder,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “And you certainly see that in the bond market, where you have an even more dramatic reaction.”

06.22.2023
Bloomberg
'Oil Sinks as Hawkish Fed Spooks Investors, Overshadows EIA Data'
“$70 has been a battle ground in WTI,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “I think the fundamental story does not align with day-to-day trading and the market will continue to be very choppy until macro and fundamentals align either way.”

06.14.2023
Bloomberg
'Oil Falls as Surging Stockpiles, Fed Signals Damage Sentiment'
“The market is looking for a line of sight to the end of the hiking cycle for some confidence and to bring back some fundamental investors,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. The prospect of more hikes in the second half “is not easing fears about macro headwinds for crude.”

06.08.2023
Barron's
'Don’t Fear the Bull Market. Why Stocks Are Headed Higher'
“We know that the market bottoms while the economy is still in recession and begins a recovery,” says David Donabedian, chief investment officer of CIBC Private Wealth US. “The second half of [2023] will have lousy economic headlines but the beginning of a more durable bull market.”

06.12.2023
Bloomberg
'Oil Tumbles to Three-Month Low After Goldman Cuts Forecast Again'
“Beyond the fact that a vocal crude bull cut their crude forecast again, physical market indicators also are shaking confidence of bulls expecting the market to shift from a surplus to a deficit in the coming months,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Time spreads, which are the holy grail for traders assessing supply and demand dynamics, continue to deteriorate.”

06.08.2023
Yahoo! Finance Live
'Oil prices steady as economic fears offset Saudi output cut'
Senior Energy Trader Rebecca Babin recently appeared on Yahoo! Finance Live. You can watch her segment here.

06.02.2023
MarketWatch
'Oil prices settle higher ahead of OPEC+ meeting, but post a loss for the week'
“There has been no shortage of drama in the lead up to this weekend’s OPEC+ meeting, leaving the market rife with volatility as traders try to read the tea leaves as to what is going on behind closed doors,” said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed commentary." Read

05.31.2023
Bloomberg
'Commodity Crash Signals Disinflation Is Taking Hold for Now'
“The recovery in China has been much more bifurcated to services than industrial demand, which has really impacted industrial metals,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “There is also a wide-ranging outflow of investment dollars away from commodities due to higher rates and uncertainty about global growth.”

05.31.2023
Private Wealth magazine
'Keeping The Peace–Planning For Cherished Or Valuable Personal Possessions'
"No matter what your net worth, you likely have tangible personal property that is important to you." Read

05.25.2023
Bloomberg
'Oil Snaps Three-Day Rally After Russia Says OPEC+ Will Stay Put'
"Crude is behaving “like a toddler swinging from high to low very quickly and often, not reacting to reason but emotion,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth."

05.10.2023
Bloomberg
'U.S. Stocks Enthusiasm Wanes After CPI; Bonds Rally: Markets Wrap'
"While traders are pricing in a pause at the next central bank meeting and rate cuts starting as soon as July, it’s not a given. “There’s a lot of looking through rose-colored glasses to all sorts of outcomes that are going to lead the Fed to be able to cut rates. But they’re just forecasts, they haven’t happened yet,” said David Donabedian, chief investment officer of CIBC Private Wealth US.
“If you took a snapshot of the economic and inflation data today and used that as your only guide, that would point you to no rate cuts at all this year,” Donabedian said. “The market is latching onto the-Fed-will-be-our-friend kind of a view.”

05.04.2023
Bloomberg
'Oil Steadies After Three-Day Crash on ‘Vortex’ of Negative News'
“Crude is trading in the vortex of negative sentiment, increased volatility, macro fears and physical market stagnation,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Overnight volatility underscores the view that crude may not be investable for energy investors at this point and will remain in the clutches of systematic trading strategies.”

04.26.23
Bloomberg
'Brent on a Macro-Driven Rollercoaster Since Erasing OPEC+ Gains'
“This is a strong number,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth, referring to the 5.1 million barrel drop in US crude inventories. “But it is not really being reflected in price action because the market wants to see the China-demand story play out and is still betting the US slows down significantly in the second half.”

04.26.23
Reuters
'U.S. crude to dominate Brent oil benchmark under index change'
"Bottom line for Brent is that it will be much more influenced by U.S. fundamentals such as Strategic Petroleum Reserve releases and Permian production," said Rebecca Babin, a senior energy trader at CIBC Private Wealth U.S."

04.25.23
Bloomberg
'Oil Falls as Dimming US Outlook Quashes Sentiment Across Markets'
“The crude market is in wait-and-see mode with trading dominated by short term strategies as opposed to real investors,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Longer-term investors aren’t going make real bets until there is clarity around China’s recovery and US recession.” Earnings are also likely pulling the focus to other asset classes, she added."

04.20.23
Bloomberg
'Jefferies Climbs Muni Underwriter Rankings on Texas Bond Boom'
Texas’ population boom and resulting infrastructure needs push governments to sell bonds even as other areas may be pulling back, said Chris Lanouette, portfolio manager at CIBC Private Wealth Group. He pointed to school districts specifically, many of which are seeing an influx of kids as people move to the Lone Star state.

Texas’s population is about 30 million as of July 2022, that’s a 19% or a roughly 5 million persons increase from 2010, according to the US Census Bureau data. “We are seeing outflows from higher-tax states and Texas is a large beneficiary of that,” Lanouette said. “The population boom is taxing their infrastructure. I would expect issuance will still continue to meet those needs.”

04.20.23
Barron's
'The Dow Slips as Earnings Ramp Up'
"Bryan Reilly, a portfolio manager at CIBC Private Wealth U.S., wrote that the “collective call for an economic recession seems to have increased its membership ranks of late. Should a recession develop, depending on its severity and duration, we’d expect a more meaningful negative bias to corporate earnings.”

04.19.23
Yahoo! News
'US stocks end mixed after new batch of earnings reports'
"First-quarter earnings from large-cap financial firms have come in reasonably strong but investors "should not get a false sense of security" from the early reports, Bryan Reilly, portfolio manager at CIBC Private Wealth U.S., said in a note Wednesday." Watch

04.19.23
CNN
'The world’s biggest banks are still pouring money into fossil fuels'
"Those investors should put away their party hats, said Bryan Reilly, a portfolio manager at CIBC Private Wealth US, in a note on Wednesday. " Read

04.19.23
Bloomberg
'Oil unable to hold on to $80 as risk-off mood grips markets'
“The market is laser-focused on product demand and this {EIA} report will not ease concerns that demand is fragile,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth, referring to Wednesday’s release of Energy Information Administration data. “These numbers were not bad, but they were not good enough to keep traders sleeping well at night.”

04.17.23
Bloomberg
'Ten-Year Munis Most Expensive to Treasuries Since June 2021'
“It’s hard to get excited about putting money to work with ratios where they are,” said Chris Lanouette, portfolio manager at CIBC Private Wealth Group LLC. He said that the new sales of bonds have been lackluster, which has driven supply and demand to be out of balance, making municipal bonds more expensive. “They’re very unappealing,” he said."

04.10.23
Barron's
'Tired of Waiting for the Fed to Pivot? Try This Instead.'
"Others on Wall Street are being even more selective, favoring strong companies, rather than a sector-oriented approach. Dave Donabedian, chief investment officer at CIBC Private Wealth Management, has been focusing on companies that have been able to raise their dividends amid the recent market turmoil, finding it a better sign of strength than merely maintaining a high payout.

Corporations that have lifted their dividends over the past few weeks include FedEx (FDX), Constellation Brands (STZ), chip maker Applied Materials (AMAT), and TJMaxx parent TJX (TJX).
“Dividend growth is better than dividend yield as a measure of quality,” he says.

It isn’t all bad news on the horizon. Donabedian and Orlando both feel cautious now, but expect that the lagging effects of monetary policy—coupled with banks conserving capital and tightening their lending standards—will lead to a more positive risk-reward payoff in the back half of the year as the economy decelerates, leading the Fed to actually pivot."

03.29.23
Bloomberg
'Oil Rally Stalls as Weak Fuel Demand Halts Momentum Buying'
“We are in a softer period seasonally and we have had a mild winter in the Northeast, so I am not surprised that there is weakness there,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth."

03.28.23
Markets Insider
'How Herd Mentality Sparked Chaos In Oil Markets'
"Rebecca Babin, a senior energy trader at CIBC Private Wealth, explained it to Bloomberg like this: Traders “can still have a bullish thesis but realize surviving the next month is mission critical. Many investors are in survival mode here.” Read

03.27.23
Bloomberg
'Crypto Industry Defies Strife as ETP Debuts Pick Up, Flows Rise'
“One of the most common reasons for crypto that advocates have always said is that it’s an alternative to the traditional financial system,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “So in the midst of an environment in which it’s front-page news every day that there are issues in the US banking industry, I think it’s viewed as an opportunity to tout an alternative.”

03.26.23
Bloomberg
'Oil Traders’ Bearish Turn Signals Prices May Stay Low'
"Traders “can still have a bullish thesis but realize surviving the next month is mission critical,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Many investors are in survival mode here.”

03.22.23
Bloomberg
'Oil Rises as Export Data Shows Solid Demand, Fed Stays on Script'
"That shift allows “limited friction to upside in crude as positioning was scorched last week,” said Rebecca Babin, senior energy trader at CIBC Private Wealth."

03.22.23
The Wall Street Journal
'Stock Futures Edge Higher Ahead of Fed Decision'
“The Fed will raise rates, if they don’t it would look like they are acknowledging that we are in a crisis,” said David Donabedian, chief investment officer at CIBC Private Wealth U.S. “I do think this episode has calmed down but it is going to extract a pound of flesh from the economy.”

03.20.23
Bloomberg
'Oil Near 15-Month Lows, Key Gauge Sinks as Banking Jolt Spreads'
“Investor psyche has been damaged over the past week and it is going to take the emergence of a market stability to draw investors back to the fold,” said Rebecca Babin, senior energy trader at CIBC Private Wealth. “Expect more volatility and low- conviction trading as we head into the Fed this week”

03.20.23
The Bond Buyer
'Federal Reserve's next move is unclear after bank failures'
"The ultimate decision will be based on how policymakers perceive financial conditions, said Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S.
"Deposit flight, wide corporate credit spreads, and a general reluctance to lend all weigh on potential growth and lead the Fed to hold off," he said. "It should be a close call."
Tight labor markets, rising wages and inflation in core services will continue to make it difficult to get inflation down to the 2% level the Fed is targeting, he noted. And with the meeting this week, "they won't be able to measure the impact of tight financial market conditions on growth or inflation with any precision," Pzegeo said.
The decision will depend on the markets' comfort "with the various rescue efforts at the time of the meeting," he said. The committee meets Tuesday and Wednesday.
If markets are sanguine, Pzegeo said, "we would expect a 25-basis point hike."

03.20.23
Forbes
'Fed’s Looming Rate Decision Could Confirm Crisis At Hand—Or Raise Odds Of ‘Imminent Recession’
“In light of the banking crisis, a recession is even more likely—and might be pulled forward,” says CIBC Private Wealth investment chief David Donabedian, who notes the Fed still wants to raise rates “a bit more” to help cool inflation but now faces “a close call” between taming prices and risking a worsening crisis." Read

03.19.23
Markets Insider
The most accurate sign of a coming recession is not what you think it is - and it's on the verge of flashing
"That lines up with the thinking of CIBC Private Wealth's chief investment officer David Donabedian, who told Insider that "in light of the banking crisis, our view is that a recession is even more likely, and might be pulled forward. A decline in risk taking and credit extension as a result of the banking crisis is ahead." Read

03.19.23
The Washington Post
'How the Fed’s inflation fight fueled banking turmoil, in 7 charts'
“The Fed still wants to raise rates a bit more,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S. “It’s just a matter of whether the banking system volatility will let them.”

03.17.23
Bloomberg
'Lockdown Logic Rears Its Head in Stock Rally Running on Nerves'
“The fear has been that this crisis is going to have a contagion effect — I think that’s not going to happen, but that’s been in the mindset, that we’ll have a recession, there’ll be a dearth of growth,” David Donabedian at CIBC Private Wealth U.S., said. “That’s when investors start to look at growth stocks — when growth is scarce, go for the companies that have the growth.”

03.16.23
Reuters
'Banking rout fuels U.S. oil hedging, as investors seek to limit losses'
"Given the price action we are looking at, I would say you could see further increases in volatility just because the sentiment is so sour," said Rebecca Babin, senior energy trader at CIBC Private Wealth US." Read

03.16.23
Bloomberg
'Bloomberg Markets: The Close'
"Romaine Bostick & Katie Greifeld bring you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street and tackles the bank rebound amid rescue plans. Guests today: Dan Kemp of Morningstar Wealth, Nobel Prize winner Robert Engle, Gil Luria of D.A. Davidson, Afsaneh Beschloss of RockCreek, Dave Donabedian of CIBC Private Wealth, Steve Pagliuca of Bain Capital Private Equity, David Bailin of Citi Global Wealth, Peter McNally of Third Bridge, Fmr. FDIC Chair Sheila Bair, Greg Milano of Fortuna Advisors." Watch

03.14.23
Bloomberg
'Oil Sinks to Three-Month Low in End-of-Day Stampede to Exits'
"The late-day plummet was “pretty astounding,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. Meanwhile, activity in the options market suggests traders are growing more bearish."

03.13.23
Mergers & Acquisitions
'Oil Tumbles as SVB Failure Sends Investors Fleeing From Risk'
“Uncertainty across risk assets has increased meaningfully and crude remains highly sensitive to changes in risk appetite,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “The China recovery remains the upcoming catalyst but can’t buffer crude from short-term macro headwinds.” Read

03.09.23
Bloomberg
'Tax Season Muni Selloff Seen Shrinking After 2022 Market Rout'
"Reduced tax selling this year could provide some market support by shrinking supply, said Christopher Lanouette, managing director for CIBC Private Wealth Management. Still, Lanouette said any support would be “nominal” given overarching weakness tied to rising Treasury yields and a pickup in muni fund outflows."

02.24.23
Bloomberg
'Stock Bull Case Thwarted by ‘Bumpy Landing’ Views: Markets Wrap'
"David Donabedian, chief investment officer of CIBC Private Wealth U.S.:
“So the bullish narrative that the market had coming into the year of slowing economy headed toward a soft landing and slowing inflation allowing the Fed to stop raising rates ASAP, that’s been blown up here by the data. My view is that the market rally that we’ve seen since October was a bear-market rally.” 

02.24.23
The Wall Street Journal
'Stocks End Lower After Hot Inflation Data'
“The perception of monetary policy and where it’s headed has changed dramatically,” said David Donabedian, chief investment officer at CIBC Private Wealth U.S. “What’s currently priced in today is more realistic versus what people were pricing in right after the Fed meeting” ending Feb. 1, he said.

02.24.23
The Wall Street Journal
'Stock Futures Weaken Ahead of Inflation Gauge'
That is prompting some investors to give up on the notion the Fed will be quick to lower interest rates once it has finished raising them, said David Donabedian, chief investment officer at CIBC Private Wealth US.
“The perception of monetary policy and where it’s headed has changed dramatically,” said Mr. Donabedian. “What’s currently priced in today is more realistic versus what people were pricing in right after the Fed meeting” ending Feb. 1, he said.

02.23.23
CNBC Squawk Box
'Crude prices rising above $100 in six months seems ‘overzealous’, says Rebecca Babin'
"Rebecca Babin, CIBC Private Wealth senior energy trader and managing director, joins ‘Squawk Box’ to discuss Babin’s six-month outlook for energy, why the oil market isn’t already near $100 a barrel and Babin’s outlook for refined products." Watch

02.23.23
Markets Insider
'Oil prices will jump 25% in the next 6 months but it's a 'believe it when I see it market,' analyst says'
US crude oil prices could climb as much as 25% in the next six months, according to CIBC Private Wealth senior equity trader Rebecca Babin.

She told CNBC on Thursday that West Texas Intermediate could hit $90 to $95 a barrel, while international benchmark Brent could reach $95 to $100, though surpassing $100 would be "overzealous." Read

02.21.23
Bloomberg
'Oil Market Is Trapped in a Listless ‘Ping Pong’ Game for Prices'
“Brent continues to ping-pong between the $80 and $85 level as the US hard landing narrative collides with China’s reopening narrative,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “We just keep replaying the same narratives and end up where we started.”

02.17.23
The New York Times
'Why a Strong Economy Is Making Stock Investors Jittery'
“We had just got comfortable with what the Fed told us it was going to do two weeks ago, and already we are having to rethink that,” said David Donabedian, the chief investment officer of CIBC Private Wealth US, referring to the recent Fed meeting. “The momentum in the market has stopped.”

02.17.23
Bloomberg
'Oil Swings as Markets Parse China Demand, Oversupplied Market'
“It is not a surprise that crude has been stuck in its current trading range as the physical market remains well supplied while the imminent demand recovery in China keeps downside limited,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “The commodity is stuck in neutral as it tries to see which one of the market drivers will be most impactful over the next couple of months.”

02.15.23
Axios
'The consumer isn't tapped out (yet)'
"And Dave Donabedian, CIO of CIBC Private Wealth Management, tells Axios that "versus a year ago, retail sales are essentially flat after adjustment for inflation. The consumer is doing fine for now, but I wouldn’t say spending is 'taking off.'" Read

02.13.23
Bloomberg Radio
'UK’s Child-Care Costs Under Examination'
Chief Investment Officer Dave Donabedian, CFA, recently appeared on Bloomberg Radio. Listen to his segment here 

02.13.23
yahoo! News
'China demand the ‘one thing to watch in crude oil,’ strategist says'
CIBC Private Wealth Senior Energy Trader Rebecca Babin joins Yahoo Finance Live to discuss news that Russia will cut 500,000 barrels of oil production a day, market sentiment, and the outlook for oil prices. Watch

02.11.23
Fortune
Exxon Mobil is plowing into energy trading and has everything it needs—except the right culture
It’s a “big shift in strategy for Exxon,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “It should be a very natural extension of their ongoing business, but the competition is fierce.” Read

02.11.23
Bloomberg
'Exxon’s Trading Ambitions Mean Culture Shift to More Risk-Taking'
It’s a “big shift in strategy for Exxon,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “It should be a very natural extension of their ongoing business, but the competition is fierce.”

02.10.23
MarketWatch
'Oil prices settle higher after Russia announces production cut of 500,000 barrels per day in March'
Rebecca Babin, senior energy trader at CIBC Private Wealth US, said most analysts have "already penciled in" Russian production falling by 700,000 to 900,000 barrels per day in 2023.
"The key for crude to break out of its current trading range is Chinese demand recovery," she said in emailed commentary.

02.10.23
MarketWatch
'Oil futures gain nearly 9% for the week'
Most analysts have “already penciled in” Russian oil production falling by 700,000 to 900,000 barrels per day in 2023, said Rebecca Babin, senior energy trader at CIBC Private Wealth US. “The key for crude to break out of its current trading range is Chinese demand recovery,” she said.

02.10.23
Reuters
'Oil prices rise over 2% on Russian plan to cut output' 
“Most analysts have already penciled in Russian production falling by 700,000-900,000 in 2023," said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S. "The key for crude to break out of its current trading range is Chinese demand recovery." Read 

02.10.23
Bloomberg
'Oil halts three-day advance as caution counters the China bulls'
“The push-pull has been ongoing since the start of the year, leaving the commodity having trouble breaking out of its range,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “Positioning looks set up long, so data will be the driver of moves to the upside.”

02.06.23
Barron's
'Stocks Have Gotten Ahead of Themselves. The S&P 500 Could Struggle.'
“There’s an element of that “FOMO,’” or fear of missing out, said Dave Donabedian, chief investment officer of CIBC Private Wealth, U.S.

02.02.23
Bloomberg
'Oil Struggles as Traders Swap Commodities for Growth Stocks'
“Broadly, commodities have been down as the ‘growth’ trade gets reestablished,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “The move in rates and Fed posturing has triggered flows out of commodities and energy equities back into growth.”

02.01.23
CNN Business
'Will the Fed end the 2023 market rally?'
"At the conclusion of this week's FOMC meeting, we expect the Fed will leave the market hanging on the question of the future of rate hikes and how many we will see," Donabedian wrote in a note. "We expect the Fed to indicate they have more work to do. They will continue their stubbornness in fighting inflation, hesitant to declare victory just yet. This will leave the market hanging on the future of how many rate hikes we will see." Read

01.19.23
The Wall Street Journal
'Stock Futures Point to Further Losses on Recession Worries
“The housing market is clearly in a recession, the manufacturing sector is teetering on the edge of a recession. We are going into 2023 with a more cautious consumer and as the year progresses we will see some signs that the job market is faltering,” said David Donabedian, chief investment officer at CIBC Private Wealth US.
“We do think there are better than 50-50 odds of a mild recession in the U.S. and in other parts of the world this year,” he said.

01.18.23
Bloomberg
'Oil Extends Decline on US Recession Concern, Inventory Build'
“The macro picture is creating a lot of friction to the rally in crude, and it will be hard for the commodity to continue to outperform in the near term until we see concrete evidence that demand is China is accelerating or macro headwinds cool down,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.

01.13.23
Bloomberg
'Crushed Crypto Funds Are Suddenly Beating Every Other ETF'
But good times in crypto are known to come and go, with the bad stretches sometimes persisting for a long time. Coins skyrocket when money is easy and get killed when things turn, says David Donabedian, chief investment officer of CIBC Private Wealth U.S.
“For something that has been absolutely clobbered and where you know there’s a significant component of speculative investors, they’re taking that and running with it,” he said of the recent rally. “But I go back to: it’s a speculative investment, and you better know what you’re doing — and you better be willing to be as quick a seller as you are a buyer.”

01.13.23
The New York Times
'Investors Are Walking a Tightrope as Stocks Head for a Second Weekly Gain'
“The last couple of days have shown the tug of war now characterizing market sentiment,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S.

01.13.23
Bloomberg
'Stock Losses Fade as Economic Data Temper Earnings: Markets Wrap'
“It’s a back-and-forth market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “I don’t really buy the intense gloom that some people have that it’s going to get much worse, or the other extreme that we’ve already started a new bull market. I don’t think we’re there yet either.”

01.06.23
Barron's
'If You Want Growth, Stick With Quality Stocks. How to Find Them.'
“You’ll need to cast a wider net to find the true quality growth stocks of the next decade,” says Dave Donabedian, chief investment officer of CIBC Private Wealth Management.

01.05.23
MarketWatch
'2-year Treasury yield jumps to five-week high as traders absorb hawkish Fed rhetoric'
“It looks like the bond market is priced for a quicker resolution to the inflation problem than the Fed is willing to accept,” said Gary Pzegeo, the Boston-based head of fixed income at CIBC Private Wealth US.
“Bond yields suggest that risks will shift from inflation to unemployment at some point this year, forcing the Fed to shift policy into easing mode,” Pzegeo said in an email. However, the Fed, in the minutes of its
December meeting, pointed out that no one on the policy-setting Federal Open Market Committee expects an ease in 2023.

12.19.22
Bloomberg
'Oil swayed by broader markets as traders assess China's pledge'
It’s another day of “fragile trading” where markets are bid following headlines from China reopening, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “At the end of the day, conviction to buy the dip is still quite low.”

12.16.22
Yahoo! Finance
'China's reopening 'a sentiment positive' for oil, strategist says'
Senior Energy Trader Rebecca Babin recently appeared on Yahoo! Finance Live. You can watch her segment here

12.16.22
The Washington Post
'Stocks fall as recession overtakes inflation as market’s No. 1 worry'
“We started with inflation optimism in the early part of the week and then the market got a one, two, three gut-punch from central bankers,” said David Donabedian, chief investment officer at CIBC Private Wealth U.S. “Investors have concluded that there’s a good chance that a global recession is coming and central bankers just don’t care.”

12.16.22
Barron's
'The Fed Is Making a Mistake—and the Stock Market Will Pay the Price'
“Investors are concluding that a global recession is coming and central bankers don’t care,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US. “There is still an inflation problem and they need to work through it.”

12.16.22
Yahoo! Finance
'Stock market timers pony up $25 billion and get another thrashing
“The market had a really strong October and November, so you’ve got a little bit of trend-following by investors, and many perhaps thinking that this is the beginning of a new bull market,” David Donabedian, chief investment officer of CIBC Private Wealth US, said in an interview. “I think there is some more downside here.” Read

12.08.22
Forbes
'Unemployment Claims Highest Since February As Reports Of Major Layoffs Grow'
The latest data “does not scream recession,” David Donabedian, chief investment officer of CIBC Private Wealth US, said in emailed comments—but he also warned “the job market will falter” as the economy heads into a recession next year. Read

12.08.22
Barron's
'Oil Prices Were Set to Soar. Now They’re Falling Fast.'
These dynamics are occurring at a time when liquidity in the oil futures market has dried up, meaning that prices are likely to be more volatile. There are “not many traders left playing the game,” wrote Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in an email to Barron’s.

12.08.22
Bloomberg
'Oil Tumbles to Erase 2022 Gains on Easing Demand for Fuels'
“There is literally no risk appetite to buy the dip in crude right now,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “This is just snowballing into outsize moves.”

12.06.22
MorningStar
'EMEA Morning Briefing: Mixed Start Seen for Europe as Fed Path Worries Persist'
"The economy continues to show a degree of strength that I think was not expected," said David Donabedian, chief investment officer at CIBC Private Wealth U.S.

"The consumer is hanging in there quite well, jobs continue to be added, wage growth is significant and consumers are still spending." Read

12.06.22
Wall Street Journal 
'Stock Futures Waver After Strong Data Raises Rate Fears'
“The economy continues to show a degree of strength that I think was not expected,” said David Donabedian, chief investment officer at CIBC Private Wealth U.S. “The consumer is hanging in there quite well, jobs continue to be added, wage growth is significant and consumers are still spending.”

12.05.22
Bloomberg
'Oil Falls Below $80 Again as Rate-Hike Angst Batters Markets'
The noise surrounding headlines is keeping traders from engaging in the market, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Many have decided to tune out altogether. Volumes are light and positioning is decimated as it seems prudent to wait until 2023.”

12.03.22
Barron's
'The Murky Pricing Math Behind Europe’s New Oil Sanctions'
Recently, India and China have bought Russian oil that the U.S. and Europe have spurned, but they’re demanding as much as 25% off global market prices “Right now, 20% of the world’s oil is sanctioned,” says CIBC Private Wealth US analyst Rebecca Babin. “[That oil is] trading at various discounts. And they [sellers] are going to try to undercut each other to move those barrels.”
Russia shipped some 1.5 million barrels of crude per day to Europe before invading Ukraine. Today, Russia exports some 600,000 barrels daily to Europe, diverting most of the rest to Asia. Can the market absorb the 600,000 that Europe will ban on Dec. 5?
If it can’t, there’s a good chance prices will rise, because Russia will have nowhere to sell those barrels, and overall global supply will fall. When rising demand meets diminishing supply, prices have nowhere to go but up.
If big importers like China and India take delivery of Russian oil, they’re “much more likely to go after those dirty barrels” than to buy Brent crude [the global benchmark] at higher prices, Babin says. As sanctions mount, more buyers may get that choice, extending oil’s recent slump."

12.03.22
Forbes
'Not Just The Housing Market: Recession Threatens 'Unprecedented' Manufacturing Slowdown Dragging Into Next Year'
“Today’s job market report does not scream recession,” David Donabedian, chief investment officer of CIBC Private Wealth US, said in emailed comments Friday—before warning "the job market will falter" as the economy heads into a recession next year. Read

12.02.22
Bloomberg TV
'EU's $60 Price Cap on Russian Oil Won't Matter: Babin'
Senior Energy Trader Rebecca Babin recently appeared on Bloomberg TV. Watch her segment here.

12.02.22
Fox Business 
'US economy adds 263,000 jobs in November, better than expected as hiring remains solid'
"We don’t expect today’s jobs report to change the Fed’s near-term path," said David Donabedian, the chief investment officer of CIBC Private Wealth. "However, this inflation-unfriendly report likely changes how high the Fed will take rates, maybe raising rates higher than investors are prepared for and lifting expectations slightly for the peak Fed Funds rate in 2023." Read

12.01.22
Bloomberg
'Oil Rallies as Markets Expect Demand Recovery in China'
“Crude is riding the tailwinds of a sentiment shift regarding China’s Covid policy, the weaker dollar, and the risk asset rally,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Crude volatility remains exceptionally high as we head into the weekend fraught with uncertainty; it has been a roller coaster of a week-- and the ride’s not done yet.”

11.29.22
Barron's
'Europe’s Russian Oil Cap and Ban May Have Unexpected Effect'
“Right now, 20% of the world’s oil is sanctioned,” said Rebecca Babin, senior energy trader at CIBC Private Wealth US. “Those are all trading at various discounts. And they’re going to try to undercut each other to move those barrels. I tend to think the more discounted barrels are available, the more this pushes down on WTI and Brent.” WTI stands for West Texas Intermediate, the U.S. benchmark for crude prices. Brent is the global benchmark.
The key question is if the Russian oil that Europe is banning will go to other countries, or be pulled off the market entirely, forcing Russia to slow oil production.
Russia exported about 1.5 million barrels of crude oil per day to Europe by ship before the war. Today Russia is exporting around 600,000 barrels to Europe, and it’s been able to divert most of the remainder to Asia from Europe. The question now is whether Asian countries can absorb the remaining 600,000. If they can’t, there’s a good chance oil prices will rise after Dec. 5, because demand will exceed supply. If they can, then the same number of barrels will be floating around the world, just at lower prices.
If large oil importers like China and India can work out a system to take delivery of Russian oil, they are “much more likely to go after those dirty barrels” than to buy Brent crude at higher prices, Babin said.

11.18.22
Bloomberg
'Oil Sinks as Ominous Demand Signals Gather on Multiple Fronts'
Crude bids have collapsed as the reality sets in that Chinese demand most likely gets worse before it gets better, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Front month time spreads -- the backbone of tight markets -- are the weakest they have been since March 2021 signaling demand concerns are real and investors should be cautious when buying the dip.”

11.03.22
Insider
'US stocks continue to fall as investors digest hawkish Fed outlook while jobs report looms'
"Indicating that the Fed expects to extend its horizon for continuing to raise interest rates, Powell warns that the long slog will continue," said David Donabedian, chief investment officer at  CIBC Private Wealth. "Powell threw a wet blanket on investors hoping that the Fed would transition to the final phase of the tightening process. " Read

11.03.22
Morningstar
'Threat of higher 'peak' rate above 5% from Fed in 2023 reverberates across markets'
"There's definitely a lot of focus on supply/demand fundamentals and inventories which we saw on the (EIA) release today, and about when the Russia sanctions kick in," said Rebecca Babin, senior energy trader at CIBC Private Wealth US. Read

11.02.22
Reuters
'Oil prices gain by tight supply; other risk assts swoon on Fed rate hike'
"Powell's message of a higher terminal rate caught the markets off-guard," said Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S., which oversees $92 billion in assets. Read

11.02.22
Barron's
'Stocks Take a U-turn After Fed Decision'
“What he’s doing right now is just striking a balance between not being too soft or too aggressive,” said Bryan Reilly, portfolio manager at CIBC Private Wealth.

10.25.22
Seeking Alpha
'Global Markets Stage Broad Rebound In Last Week's Trading'
“The equities market is trying to form a bottom to get to the last leg of the bear market,” writes David Donabedian, chief investment officer of CIBC Private Wealth US, in research note to clients. “It feels like a two-way market right now. We have a tug of war going on between the skeptics and those who think it is time to own equities.”

10.24.22
Yahoo! Finance Live
'Oil market facing increased volatility from ‘dueling factions’: Strategist'
Senior Energy Trader Rebecca Babin recently appeared on Yahoo! Finance Live. You can watch her segment here.

10.24.22
Investing.com
'Global Markets Stage Broad Rebound In Last Week’s Trading'
Investors are wondering if higher prices for markets generally last week are a sign that the selling has been exhausted. In research note to clients, David Donabedian, chief investment officer of CIBC Private Wealth US, wrote:

“The equities market is trying to form a bottom to get to the last leg of the bear market. It feels like a two-way market right now. We have a tug of war going on between the skeptics and those who think it is time to own equities.”

10.21.22
Yahoo! News
'Shale firms discount 'U.S. put' as inadequate to lift oil output'
Rebecca Babin, senior energy trader at CIBC Private Wealth, said tight oil supplies have pushed up price expectations into 2024. But that occurred apart from the SPR offer, she said.

10.21.22
Bloomberg
'Stocks Jump With Treasury Reversal in Wild Session: Markets Wrap'
“The equity market is trying to form a bottom to get to the last leg of the bear market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “It feels like a two-way market right now. We have a tug of war going on between the skeptics and those who think it is time to own equities.”

He noted that the Fed is not done raising rates and valuations are still not as low as he would expect to see at the bottom of a bear market. “We are just not there yet,” Donabedian added.

10.19.22
Bloomberg
'Oil Rises as Biden’s Energy Remarks Fail to Pacify Markets'
“The change in tone is subtle but not missed by the market,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Biden did not ban product exports which was something many in the market have been worried about.”

10.12.22
The Wall Street Journal
'Nasdaq Falls Into Bear Market After Volatile Day: Stocks fell after Bank of England governor warned that bond-buying program will end this week as scheduled'
“First-quarter and second-quarter earnings came in remarkably well. The third quarter may be the pivot point at which we see earnings cannot keep growing to the sky, and that companies are subject to the economic headwinds we are facing from all kinds of directions,” said David Donabedian, chief investment officer at CIBC Private Wealth US.

10.11.22
The Wall Street Journal
'Futures Put Stocks on Track to Extend Selloff: U.K. government-bond yields edged lower after the Bank of England expanded its bond-buying program'
“First-quarter and second-quarter earnings came in remarkably well. The third quarter may be the pivot point at which we see earnings cannot keep growing to the sky, and that companies are subject to the economic headwinds we are facing from all kinds of directions,” said David Donabedian, chief investment officer at CIBC Private Wealth US.

10.10.22
Bloomberg
'Oil Rally Wavers as Recession Fears Curb OPEC+ Momentum'
“Crude continues to process last week’s OPEC meeting, specifically how the US may respond to OPEC+’s decision to cut demand into a tight market,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Demand concerns are at play in the background as China data was weak overnight but with limited liquidity, short covering may continue to drive trading in the near term.”

10.10.22
CNBC
'Oil markets are facing a demand concern, says CIBC’s Rebecca Babin'
Senior Energy Trader Rebecca Babin recently appeared on CNBC’s Squawk Box. You can watch her segment here.

10.08.22
Forbes
'Recession Watch: Bear Market Deepens As Fed Official Warns Rate Hikes Will Trigger 'Failures' Around Global Economy'
Though strong employment is good for job-seekers, David Donabedian, the chief investment officer of CIBC Private Wealth, explains the report is "not good news for the Fed," which wants to see the job market slow down enough to help ease inflation before pivoting on interest rate hikes that have tanked stocks and stoked recession fears this year.

10.07.22
The Washington Post
'Stocks sputter to first weekly gain in a month'
“The job market is chugging along and as long as that’s the case, the Fed’s going to keep raising rates,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S. “The report puts an exclamation point on the idea that this bear-market bottoming process is going to be a long one.”

10.07.22
ThinkAdvisor
'Stocks Crushed as Jobs Keep Fed on Hiking Path'
To David Donabedian at CIBC Private Wealth US, the report puts an “an exclamation point” on the idea that the market bottoming process is going to be a long one. In this “bizarro world” of big hikes, traders may see the solid data as a reason to brace for turmoil, says Callie Cox of eToro.

10.07.22
CNBC
'September job gains affirm that the Fed has a long way to go in inflation fight'
David Donabedian, CIO at CIBC Private Wealth: “We expect the pressure on the Fed to remain high, with continued monetary tightening well into 2023. The Fed is not done tightening the screws on the economy, creating persistent headwinds for the equity market.”

10.07.22
Bloomberg
'Searing Cross-Asset Vortex Exacts a Heavy Toll on Tempted Bulls'
“This thing just drags on and on,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “What tends to happen then is that some investors lose hope -- this idea that it’s never going to get better.”

10.07.22
Fox Business
'US job growth slows again in September with just 263,000 positions added'
"This is not good news for the Fed, which wants to see a slowing in the jobs market to ease wage growth and inflation pressure," said David Donabedian, chief investment officer of CIBC Private Wealth. "Today’s report does not give us that and raises the likelihood of a 75 basis point rise in the Fed fund rate next month."

10.07.22
Yahoo! Finance
'Stocks Crushed as Jobs Keep Fed on Hiking Path: Markets Wrap'
To David Donabedian at CIBC Private Wealth US, the report puts an “an exclamation point” on the idea that the market-bottoming process is going to be “a long one”. In this “bizarro world” of big hikes, traders may see the solid data as a reason to brace for turmoil, says Callie Cox of eToro. The conclusion for Brown Brothers Harriman’s Win Thin is that a 75-basis-point Fed boost in November is a “done deal,” with another increase of that size in December becoming a “real possibility.”

10.06.22
Reuters
'TREASURIES - U.S. yields climbs after claims data, payrolls eyed'
“It doesn’t change the narrative but we’re probably in sit-and-wait mode until tomorrow morning until the employment report comes out,” said Christopher Lanouette, managing director and fixed income manager of taxable and tax-exempt bond portfolios at CIBC Private Wealth.

“The overall macro narrative really hasn’t changed, at least enough to alter what the Fed is going to do, so this tug of war between the market trying to parse the data and thinking that any time of weak indicator is going to cause the Fed to pivot is probably premature.”

10.05.22
Bloomberg
'Oil Extends Rally as OPEC Cuts Output, Russia Mulls Reduction'
“All in all this was supposed to be an event that reduced volatility and added support to the market. However, I think the end result here may be more volatility and uncertainty in the market,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.

09.27.22
CNBC
'Crude oil bulls have 'lost their will to fight,' says CIBC senior energy trader'
Senior Energy Trader Rebecca Babin recently appeared on CNBC’s Squawk Box. You can watch her segment here.

09.21.22
Bloomberg
'Oil Slips as Bearish Signals Compound Despite Putin’s Escalation'
“Macro markets are definitely the elephant in the room right now with rates and the dollar really keeping a lid on crude rallies,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.

09.21.22
The Bond Buyer
'Fed seen as likely to go 75bp, signal higher terminal rate'
The CPI numbers "solidify the odds of a third consecutive 'unusually large' rate increase," said Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S. "The Fed may find some comfort in the deceleration of core goods prices, but further acceleration in food, shelter and health care should lead them toward a more restrictive policy rate at a faster pace."

09.12.22
Bloomberg
'Oil Rises With Dollar’s Descent Countering Demand Worries'
The conclusion of the Biden Administration’s U.S. strategic oil releases, harsher European sanctions that start on Dec. 5 and gas-to-oil switching would support oil prices, Rebecca Babin, a senior energy trader at CIBC Private Wealth Management said during a Bloomberg MLIV event.

“Looking out for rest of 2022, we see prices moving higher with WTI in the $95-$105 range and Brent $100-$110,” she said.

09.11.22
CNN Business
'The worst of inflation finally might be over'
"There must be a convincing downward trend in inflation. We are not there yet," said David Donabedian, chief investment officer of CIBC Private Wealth US, in a report Friday.

09.09.22
Barron's
'The Dow Is Rising, Coinbase Is Jumping—and What Else Is Happening in the Stock Market Today'
“if the [CPI] number is higher this will be a negative for stocks and bonds,” wrote David Donabedian, chief investment officer of CIBC Private Wealth US. “If the report is less, it will be a catalyst for a market rally.”

09.09.22
Bloomberg
'Risk Rally Deepens as S&P 500 Tops 100-Day Average: Markets Wrap'
To David Donabedian at CIBC Private Wealth US, this week’s market recovery has shown there is
continued resilience in the economy. But he also points out that a sustainable bull market would hinge upon three factors falling into place: a convincing inflation downward trend, a belief that the Fed is about done with tightening and more realistic expectations for corporate earnings.

“Despite the idea that the Fed will kill the economy, we have not seen any signs of that,” said
Donabedian. “We have not reached the bottom of the bear-market yet. Indeed, the journey to the next bull market will take time, and will be marked by a series of setbacks and recoveries.

09.09.22
CNBC
'Stocks jump for a third day as Wall Street snaps Fed-induced slide, Dow up 400 points'
“The case for the ongoing bear market is that the Fed will continue to tighten monetary policy, withdraw liquidity from the market and cause a tailspin for equities,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S. “But this week’s market recovery has shown there is continued resilience in the economy bolstered by favorable economic reports.”

Still, Donabedian added that he does not think stocks have reached the bottom of the bear market yet. “Indeed, the journey to the next bull market will take time, and will be marked by a series of set-backs and recoveries,” he said.

09.09.22
Reuters
'The Message from OPEC: Cartel fires a warning shot, market shrugs'
“The market has said, ‘that’s all good, but call me when the barrels are off the market. You can say what you want, but until the supply is off the market; the number is irrelevant,’” said Rebecca Babin, senior energy trader at CIBC Private Wealth US.

09.07.22
Bloomberg
'Oil Market Darkens as Technical Breaches Spur a Selling Frenzy'
"Elevated volatility is the story here,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “There is no way to have conviction and want to place bets when the market trades in huge ranges with limited liquidity. The risk reward is just not there."

09.01.22
The Wall Street Journal
'Stock Futures Decline Ahead of Jobs, Manufacturing Data - Oil prices extended a run of losses prompted by demand fears'
The fall has come as investors reassessed hopes that the Fed could soon ease off from its campaign of interest-rate increases. Instead, many are girding for a lengthier period of higher interest rates, though expectations of when the Fed will start cutting interest rates are likely still too hopeful, said David Donabedian, chief investment officer of CIBC Private Wealth US.

“There was too much Fed optimism. The idea that the Fed was getting close to the end of tightening and would begin cutting rates next spring never really made sense to us,” he said.

“I feel a bit more optimistic about the market now over the next three to six months. There has been a reality check and a reassessment of expectations, and I prefer it when the market is in a sober mood rather than a euphoric one,” he said.

08.24.22
Bloomberg
'Oil Swings on Speculation Iranian Nuclear Deal May Be Imminent'
“The stakes are very high and will test European resolve for inflicting pain on Russia at the cost of their economy,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Buyers of Russian crude are playing the game to get the cheapest crude without drawing the ire of the US and Europe.”

08.09.22
New York Times
'The Fed Is Cooling Down the Economy, but Stocks Are Hot. What Gives?'
“I think the ‘peak inflation’ argument has become so ingrained in the market’s psyche that the jobs report was interpreted more as being anti-recession,” said David Donabedian, the chief investment officer of CIBC Private Wealth Management.

But Mr. Donabedian cautioned that investors may be overly optimistic even if inflation falls from current levels. If the headline inflation rate declines to 8.7 percent, that is well above the Fed’s policy target of 2 percent.

With such optimism driving stock prices, any shock that shows inflation accelerating could quickly drag financial markets lower.

08.03.22
Bloomberg
'Oil Plunges to Lowest Since February as US Gasoline Demand Drops'
Motor gasoline supplied figures have been closely watched by the market to get a read on where consumption stands, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “There had been hopes after last week’s data that soft July demand data was reversing,” said Babin. “This week’s release will keep buyers on hold.”

07.29.22
New York Times
'The S&P 500 is about to have its best month since November 2020'
“I think we are going to go through a tough time in the second half of the year, where the economic data continues to show growth eroding and inflation might not come down as fast as people are hoping,” said David Donabedian, chief investment officer of CIBC’s U.S. private wealth business.

07.29.22
Bloomberg
'Stocks Off Highs as Inflation Woes Temper Earnings: Markets Wrap'
“This is a rally within a bear market rather than the start of a new bull market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “We would expect a lower P/E ratio if we were at the bottom of the market. While the equity market has partially recovered, we expect it will retest the lows we saw in June.”

Donabedian says that the optimism about the Fed potentially wrapping up its rate hike cycle earlier that expected is “more hope than reality”. He sees more rate hikes and says there’s still a lot of work ahead to bring down inflation while adding that “a slowing job market is on the way.”

07.28.22
Morningstar
'North American Morning Briefing: Stock Futures Dip on Meta Outlook; More Tech Results Due'
"The rally we have seen looks like a classic bear market rally, rather than the launch of a new bull market," said David Donabedian, chief investment officer of CIBC Private Wealth US.

"We are still going to have a period where inflation is uncomfortably high and growth is uncomfortably low and that is not a good backdrop."

07.27.22
Yahoo! Finance
'Oil Rises as US Stockpiles Drop and Exports Climb to a Record'
“The Fed’s decision was not a catalyst for the crude market but did remove some fears” of an even-higher rate hike, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.

“Crude trading recently has been highly correlated with macro headlines, but it should be noted that physical fundamentals improved meaningfully today and is the real driver of price action today.”

07.25.22
Barron's
'Is the stock market going up? It depends on the definition of recession.'
“If you have a monetary-policy-driven road to a recession, it’s gradual, then suddenly,” says Dave Donabedian, chief investment officer at CIBC Private Wealth US.

07.22.22
Bloomberg TV
'Bloomberg Markets: The Close (07/21/2022)'
Chief Investment Officer Dave Donabedian, CFA, recently appeared on Bloomberg TV. You can watch his segment at the 0:58:00 mark here.

07.20.22
Forbes
''Make No Mistake': Bear Market Isn’t Over And These Stocks Could Lead The Next Plunge, Morgan Stanley Warns'
“Earnings have been okay, but more spotty than in recent quarters," says David Donabedian, the chief investment officer of $98 billion CIBC Private Wealth U.S., noting the economy is "getting more challenging," as evidenced by companies like Johnson & Johnson and IBM lowering profit expectations in recent days.

"Fed tightening together with less robust corporate earnings in the next quarter will not be a good combination for equities," he adds.

07.20.22
Bloomberg
'Oil Declines as Traders Brace for US Crude, Gasoline Builds'
“The market is hyper focused on demand metrics and recent US demand data has failed to inspire confidence,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “EIA data will be closely watched for bulls to reengage with the market."

06.19.22
Barron's
'The Stock Market’s Selloff Will Eventually End. Bet On It.'
The Fed needs to bring inflation down, and the growth rate of the economy will be a victim,” says Dave Donabedian, chief investment officer at CIBC Private Wealth U.S.

06.17.22
The Wall Street Journal
'Stocks Historically Don't Bottom out until the Fed Eases'
“I don’t think the rate of the decline in the market will continue at this pace, but the idea that we’re approaching the bottom—that’s really hard to come up with,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S.

Mr. Donabedian said he has discouraged clients from trying to “buy the dip,” or to buy shares on discount with the expectation that the market will turn around soon. Even after a punishing selloff, stocks still don’t look cheap, he said. And earnings forecasts still look too optimistic about the future, he added

06.13.22
The Wall Street Journal
'Earnings Are Under Threat, Another Blow to Sagging Stock Market'
“Time is not the friend of profit margins in an inflationary environment,” said David Donabedian, chief investment officer at CIBC Private Wealth U.S. “At some point your customers are going to no longer be willing to pay the next price increase.”

06.13.22
Barron's
'Energy Stocks Are Set to Get Hotter. 6 That Can Get You a Piece of the Gusher.'
“We don’t want to need crude, but people are starting to realize that not wanting to need it is different than not needing it,” says Rebecca Babin, senior energy trader at CIBC Private Wealth U.S. “And I do think investors have come around to that, as well.”

06.13.22
MarketNews
'Muni Yields Rise, Short USTs Skyrocket after Hot CPI Report'
With Friday's Consumer Price Index report, the "prospects for a quick slowdown in the rate of inflation have faded," said Gary Pzegeo, head of fixed income at CIBC Private Wealth US. 

He said the Fed will likely hike interest rates by 50 basis points and "provide forward guidance for a more rapid move toward and above neutral than previously expected."

"Persistent inflation in the services sector could lead the Fed to anticipate a need for a higher endpoint in the policy rate," Pzegeo said. "Markets have already moved to discount a 3% Fed Funds rate by the end of 2022 and the Fed will likely show a similar sentiment in their updated Dot Plot."

06.09.22
Bloomberg
'Oil Tops $120 as US Inventory Data Highlights Fuel Supply Crunch'
This week’s government inventory report showed “improvement in implied gasoline demand back to 5- year averages,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “Both technical and fundamental factors read positive this morning,” she said, noting WTI appears to be holding $120, a level it’s failed to maintain over the past week

06.07.22
Bloomberg
'Oil Reverses Earlier Losses to Rise as Dollar Pares Gain'
“The tone to the market is to buy dips and use weakness to get long or cover short as the set up into summer remains very tight especially on products,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

Generally, analysts are raising crude forecasts even as global GDP numbers are revised lower because of oil supply shortages expected for the rest of the year, CIBC’s Babin said. Still, “I am concerned US demand will not live up to expectations and we will see demand destruction here.”

05.25.22
Bloomberg
'Oil Fluctuates as US Fuel Stockpiles Fall Less Than Expected'
“It was not a bad report, it was just not quite good enough,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “The bottom line here is that expectations for draws are high and this report just did not quite deliver enough for crude to keep accelerating higher.”

05.20.22
Business Insider
'US stocks close mixed after the S&P 500 slides into a bear market amid recession fears'      "Another week of incredible market volatility makes it increasingly clear that a 'buy the dips' strategy is somewhat treacherous," David Donabedian, chief investment officer of CIBC Private Wealth US, said in a Friday note.

"Real-time economic data for May is beginning to show warning signs that the economy is slowing down. The markets are processing the rising risk of recession, which is one reason the equity market is fragile," he said.

05.18.22
Bloomberg
'Oil falls as US to Allow Talks with Venezuela's State Producer'
The proposed changes to alleviate some sanctions against Venezuela “should be seen as positive development, but not be mistaken as providing immediate relief to the tight market we are experiencing in real time,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management

05.16.22
Morningstar
'North American Morning Briefing: Stock Futures Dip as Weak Chinese Data Drags'
"We are moving into a more challenging time for markets. We need to see signs that inflation is not just peaking but actually decelerating before you find a sustainable bottom in the market. That is going to take at least a couple of months," said David Donabedian, chief investment officer at CIBC Private Wealth.

"That doesn't mean we won't have counter-rallies higher from day to day, but I think this is a long drawn-out process and it is largely data-driven," he said.

05.16.22
Bloomberg
'Stocks Decline on Growth Concerns; Treasuries Gain: Markets Wrap'
“You’ve got investors pulling back from the market in the expectation that we’re going to have a recession,” David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone. “It’s hard to, frankly, make a strong argument against that, the idea that we’ll have a recession. We know that that’s what Federal Reserve tightening produces most of the time, it’s a recession. And so you have to have a good answer to the question of why would this time be different, and it’s not that easy to come up with that answer, frankly.”

05.16.22
Bloomberg
'Bitcoin's Plunge Exposes Idea of Uncorrelated Asset as 'Big Lie''
“I think it will continue to trade with the equity market and risk assets,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “That’s the big lie that’s been exposed, the idea that it’s some new asset class that’s going to help diversify your portfolio has been blown to smithereens.”

05.11.22
Bloomberg
Oil is experiencing one of its most tumultuous trading periods ever as the war in Ukraine and the ensuing sanctions against Russia push volatility to historic levels. The oil market hasn’t been “consistent at all as of late,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “Trading crude right now is like trying to figure out the mood swings of a teenager.”

05.06.22
Reuters
'Wall St falls as rate hike fears overshadow strong jobs data'
"Nothing in today's employment report would change the Fed's expected path ... current market sentiment does not place a lot of confidence in the Fed getting inflation under control without a recession," said David Donabedian, chief investment officer of CIBC Private Wealth US. "We suspect this skepticism is likely to remain until there is clearer evidence that inflation has crested and has begun to fall appreciably. That could take several months."

04.26.22
Markets Insider
'China's CSI 300 stock index falls to 2-year low as widespread COVID-10 lockdowns dent economic outlook'
"China's zero-COVID policy may turn into a zero-growth policy," David Donabedian, chief investment officer of CIBC Private Wealth US, in a note Monday. "China plays a huge part in the global supply chain, so closing factories and ports has created a shortage mentality that is front and center in the financial markets right now."

04.26.22
The Washington Post
'Dow sinks 200 points, oil prices slide amid fears of economic slowdown'
"China plays a huge part in the global supply chain, so closing factories and ports has created a shortage mentality that is front and center in the financial markets right now," said David Donabedian, chief investment officer at CIBC Private Wealth U.S.

04.25.22
MarketWatch
'China’s latest COVID outbreak spooks investors, and U.S. cases and hospitalizations are rising again'
"China’s zero-COVID policy may turn into a zero-growth policy," said David Donabedian, chief investment officer of CIBC Private Wealth US with $98 billion in assets under management. "China’s economy had been growing, but lockdowns are weakening that economy and raising global concerns. China plays a huge part in the global supply chain, so closing factories and ports has created a shortage mentality that is front and center in the financial markets right now," he said.

04.25.22
Barron's
'The Dow Rebounded, Twitter Jumped—and What Else Happened in the Stock Market Today'
"China’s economy had been growing, but lockdowns are weakening that economy and raising global concerns," wrote David Donabedian, chief investment officer of CIBC Private Wealth U.S. "China plays a huge part in the global supply chain, so closing factories and ports has created a shortage mentality that is front and center in the financial markets right now."

04.20.22
Barron's
'The Nasdaq Closed in the Red, the Dow Rose—and What Else Happened in the Stock Market Today'
"Today is a risk-on day, barring the sub sectors which have had bad news from bellwether companies," said David Donabedian, chief investment officer of CIBC Private Wealth U.S. "The breadth data [percent of stocks gaining] suggests that."

04.20.22
Bloomberg
'Oil Settles Little Changed as Low Supplies Offset Cloudy Outlook'
"Price action tells us two things: first, macro traders are firmly in control of crude markets at the moment," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. "Secondly, that the narrative of tight physical markets is stale and may not be able to induce momentum to the upside in the near term."

04.14.22
Bloomberg
'Stocks Drop, 30-Year Yield Hits Highest Since 2019: Markets Wrap'
"It’s a tough environment," said David Donabedian, chief investment officer of CIBC Private Wealth Management. "Inflation numbers are going to stay very high and haven’t peaked yet, and we’re also going to start to see a deteriorating outlook for economic growth -- not a recession, but significantly slower economic growth than certainly we’d anticipated as the year began."

04.14.22
Morningstar
'EUROPEAN MIDDAY BRIEFING - Stocks Steady as ECB Eyed for Clues on Unwinding Timeline'
"Investors are trying to figure out if the Fed is on the right course. Can they stick the landing in terms of bringing inflation down without bringing the economy down?" said David Donabedian, chief investment officer at CIBC Private Wealth. Read.

04.13.22
The Washington Post
'Biden to announce plan to ease gas prices as inflationary pressures persist'
"The Biden administration allowing the sale of higher ethanol gas to tame costs is a political gesture more than a real solution," said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in a statement. "The impact will be minimal from the perspective of medium term price relief. But it serves as another talking point from the Biden administration as to how they are helping Americans fight inflation."

04.12.22
Barron's
'Biden Set to Allow Higher-Ethanol Gas to Be Sold Over the Summer'
Rebecca Babin, senior energy trader as CIBC Private Wealth US, called the Biden administration’s move "a political gesture more than a real solution." "E15 reduces the cost per gallon by about 10 cents. It also creates more pollution and requires more frequent fill-ups," Babin said. "So the impact will be minimal from the perspective of medium-term price relief. But it serves as another talking point from the Biden administration as to how they are helping Americans fight inflation," Babin added.

04.12.22
Bloomberg
'Why Biden's Plan for Cheaper Gasoline Can Also Mean More Smog'
"Biden’s expansion for E15 will have the biggest impact in the Midwest, where prices could decrease as much as 10 cents," Rebecca Babin, senior energy trader at CIBC Private Wealth Management, said in a Bloomberg TV interview.

04.10.22
Fox Business
'Gold prices higher in early Asian trading Monday'
"The CPI report will be the economic event of the week," David Donabedian, chief investment officer of CIBC Private Wealth U.S. "We expect inflation to surge above 8%. We know the commodity component will spike and will be paying particular attention to the core inflation rate, particularly services and shelter." Read.

04.10.22
Barron's
'Profit Margins Will Be Down in Earnings Season. When Buying Beaten-Up Stocks Makes Sense.'
"You’re setting up for an earnings season that needs to be good, both in terms of the numbers that come in and the forward guidance," says Dave Donabedian, chief investment officer of CIBC Private Wealth US. "The bar is set high. It’s going to be tough to clear the bar."

04.09.22
Fortune
'Wall Street is predicting a 2023 recession. Here are the red flags you should know about'
Gary Pzegeo, the head of fixed income at CIBC’s U.S. Private Wealth division, told Fortune that he believes the majority of current recession predictions come from "market signals" like the recent, albeit brief, inversion of the yield curve. Read.

03.22.22
Bloomberg
'Crude Swings in $5 Range as EU Considers Sanctioning Russian Oil'
Low liquidity is a "logical response to the increase volatility and margins and most importantly the uncertainty around political outcomes," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. "Market participants have realized they have very little edge in calling political end games and don’t want to keep getting chopped up trying."

03.15.22
Fortune
'Gas prices are already expected to top $5 a gallon, but experts lay out a scenario that could be much worse'
"We’re not really building the gasoline stockpiles that we would typically see in the shoulder season to prepare us to have a lot of supplies in place for summer. That means that when summer comes and people start driving more, we’re going to have a harder time meeting that demand and prices will go up," said CIBC Private Wealth U.S. senior energy trader Rebecca Babin. Read.

03.15.22
GOBankingRates
'Oil Prices Drop Below $100 — Will Gas Prices Decrease Too?'
"Today’s action reflects a shift in sentiment in Russia/Ukraine causing sentiment traders to sell," said CIBC Private Wealth U.S. senior energy trader Rebecca Babin. Read.

03.15.22
CNBC
'Oil drops again, now more than 27% below recent high'
"It’s really a market that traded entirely on fear," Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., said of the initial spike higher amid supply fears. Read.

03.15.22
The Wall Street Journal
'Oil Slides Below $100, Stock Futures Edge Higher'
"The headlines that Covid is swirling throughout China is something else that stokes uncertainty in global markets because it adds to concerns about supply chain disruptions," said David Donabedian, chief investment officer at CIBC Private Wealth.

03.14.22
CNBC
'U.S. oil tumbles more than 8%, dips below $100 per barrel'
"Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., attributed the declines to a mix of geopolitical and demand factors. Russia and Ukraine were slated to resume peace talks on Monday, while China’s March demand is set to be revised lower due to new coronavirus lockdowns. Additionally, open interest in Brent futures has dropped, which means financial players are reducing risk. “Today’s action reflects a shift in sentiment in Russia/Ukraine causing sentiment traders to sell, fundamental concerns around demand coming from China’s Covid lockdowns causing fundamental traders to take profits, and technical pressure as crude breaks” key levels, said Babin".

03.14.22
ETF Database
'Crude Oil Dumps on Demand and Ukraine Worries'
"Today’s action reflects a shift in sentiment in Russia/Ukraine causing sentiment traders to sell, fundamental concerns around demand coming from China’s Covid lockdowns causing fundamental traders to take profits, and technical pressure as crude breaks" key levels, explained Rebecca Babin, senior energy trader at CIBC Private Wealth U.S. Read.

03.14.22
Bloomberg
'Oil Falls to $100 With Ukraine-Russia Talks and China Lockdowns'
The negotiations between the two countries are driving prices lower in the near term as markets are "much more sensitive to sentiment than actual supply and demand calculation," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

03.11.22
Barron's
'The Stock Market Tried to Look Past Russia’s War on Ukraine. It Still Got Crushed.'
"There’s been a sense of normalcy in recent days," says Dave Donabedian, chief investment officer at CIBC Private Wealth U.S. "What we don’t know is whether this is a countertrend trade that will flame out or if it is the beginning of stabilization."

03.11.22
Barron's
'The Stock Market Tried to Look Past Russia’s War on Ukraine. It Still Got Crushed.'
"There’s been a sense of normalcy in recent days," says Dave Donabedian, chief investment officer at CIBC Private Wealth U.S. "What we don’t know is whether this is a countertrend trade that will flame out or if it is the beginning of stabilization."

03.11.22
Barron's
'Stocks Are Full of Fear. How to Cope With an Emotional Market.'
"[The Fed] went through a fairly tortuous process late last year to pivot to a position of saying inflation-fighting is job No. 1," says Dave Donabedian, chief investment officer of CIBC Private Wealth Management. "To pull back from that now would be a significant problem that might even cause a confidence issue in the markets, if the Fed looks like a weather vane."

03.11.22
Bloomberg
'Muni Market Goes Begging for Buyers in Worst Quarter Since 1994'
"The overarching driver is fund outflows," said Christopher Lanouette, a managing director for CIBC Private Wealth Management. "You’re getting obvious pressure from fund managers who have to meet redemptions."

03.10.22
Bloomberg
'A Rising Profit Outlook for Tech Stocks Is No Match for Economic Angst'
Bryan Reilly, a portfolio manager and senior investment analyst for CIBC Private Wealth Management, is among investors who are taking a cautious approach in light of risks to the economy. "I don’t see anything derailing earnings growth over the next 18 months, but there’s still a lot of uncertainty and valuations remain above average," he said in an interview. "It will take time to be sure that, going into mid-2022, consumer spending won’t retrench and that there is a reason to be confident about tech earnings."

03.10.22
Barchart
'Analysts Remain Optimistic On Technology Sector'
CIBC Private Wealth Management is optimistic but cautious about technology company earnings going forward. CIBC says that they “don’t see anything derailing earnings growth over the next 18 months, but there’s still a lot of uncertainty, and valuations remain above average. It will take time to be sure that, going into mid-2022, consumer spending won’t retrench and that there is a reason to be confident about tech earnings.”

03.08.22
Bloomberg
'Oil Extends Gains With U.S. and U.K. Banning Russian Imports'
The formalized sanctions imply a "drawn out conflict" and will have "massive implications" for the energy market long term, said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

03.07.22
Bloomberg
'Traders Surrender to Recession Paranoia in Stock Market Rout'
"Prospects for growth have to be marked down and that risk of recession has to be marked up. If oil goes to $125 or higher and stays there for six months, you’re going to have a recession in Europe just because of their ultra-high sensitivity to Russian imports," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.

03.06.22
CNBC
'U.S. crude oil spikes to 13-year high of $130 overnight, then gives up most of that gain'
"Crude is coming off the highs following comments from Germany saying they have no plans to halt Russian energy imports, indications that the US is exploring replacement barrels from Venezuela and Saudi Arabia," said CIBC Private Wealth U.S. senior energy trader Rebecca Babin.

03.04.22
Yahoo! Finance
'Russia-Ukraine crisis: What can prevent $150 oil prices'
"I think there is a thought that the only thing that stops the rally now is demand destruction. We don't see that happening until $125 or even higher. I think that's very much a conceptual, theoretical view," said CIBC Private Wealth U.S. senior energy trader Rebecca Babin on Yahoo Finance Live.

03.03.22
Bloomberg
'Oil Rally Eases on Prospects of Iran Deal After Nearing $120'
“The market is selling off due to hopes of Iran deal coming in the next few days along with comments from Germany that they do not want to put an embargo on Russian crude,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “But the selloff is fairly shallow because the market is self-sanctioning Russian crude and effectively taking 3 million barrels of crude off the market.”

03.02.22
The Guardian
'US and 30 allied countries to release 60m barrels of oil amid price surge'
However, Rebecca Babin, senior energy trader at CIBC Private Wealth, said that while the move was expected, it could offer a "modest buffer in the short term."

03.01.22
CNBC
'U.S. oil price surges 11% to $106 a barrel, a 7-year high prompted by Russia’s assault on Ukraine'
Rebecca Babin, senior energy trader at CIBC Private Wealth, noted that while the move was expected it could offer a "modest buffer in the short term. It is not meaningless, it simply pales in comparison to a true supply disruption from Russia," she said.

02.27.22
The Wall Street Journal
'Investors Bet Oil Still Has Room to Run After Touching $100'
"The speed of the moves is actually what scares me the most," said Rebecca Babin, senior energy trader at CIBC Private Wealth, U.S. She expects oil to soar if even more punitive measures are imposed on Russian energy companies and banks. The current sanctions still allow payments for Russian energy exports to continue through some unsanctioned financial firms.

02.24.22
MarketWatch
'Why Russia’s invasion of Ukraine may lift oil prices to a 14-year high'
"Russia’s crude benchmark, known as the Urals oil grade, were trading at a $9.80 a barrel discount to Brent crude as of late Thursday morning as buyers are wary of holding Russia crude that may end up being sanctioned," said Rebecca Babin, senior energy trader at CIBC Private Wealth US.

02.24.22
Bloomberg
'Oil Soars Over $100 as Russia Attacks Targets Across Ukraine'
"Prices came off of their highs as traders look to another potential release from the strategic reserve and more Iranian barrels added into tight market. There is going to be a place in which those two things balance out and that place will be a price," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

02.16.22
Bloomberg
'Oil Rises as Investors Weigh Ukraine Crisis, Rising Fuel Demand'
"Without solid evidence of a Russian troop pullback, the narrative that cooled off prices yesterday has shifted back to the potential for escalation," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

02.14.22
Yahoo! Finance
'Stock market news live updates: Stocks drop as Russia-Ukraine conflict concerns rise'
"The market has been concerned about this outcome for several weeks but most believed it would not occur or would at least be after the Olympics," noted CIBC Private Wealth’s Rebecca Babin. Read.

02.13.22
The Washington Post
'Stocks sink as high inflation, Ukraine worries jolt markets'
"The CPIO report confirmed that inflation hasn’t peaked yet and raised the prospects that the Fed is behind the curve, which they are. That’s bound to create angst in the equity markets about what the Fed will need to do to catch up," said David Donabedian, chief investment officer of CIBC Private Wealth Management.

02.11.22
CNBC
'Oil jumps amid escalating tensions between Russia and Ukraine'
"The market has been concerned about this outcome for several weeks but most believed it would not occur or would at least be after the Olympics," noted CIBC Private Wealth’s Rebecca Babin. "The key consideration for crude will be what kind of sanctions the US and allies move forward" should Russia invade. Read.

02.11.22
Seeking Alpha
'Defense names pop on fears of imminent Russian invasion of Ukraine'
"The market has been concerned about this outcome for several weeks but most believed it would not occur or would at least be after the Olympics," CIBC Private Wealth's Rebecca Babin told CNBC.

02.11.22
Daily Mail
'Oil spikes 5% to hit $94.66 per barrel - the highest level since September 2014 - amid rising tensions between Moscow and the Ukraine: US security advisor warns Russia could invade at any time'
"The key consideration for crude will be what kind of sanctions the US and allies move forward should Russia invade. That is what will ultimately determine how crude supply is impacted," Rebecca Babin, of the CIBC Private Wealth investment firm, told CNBC.

02.11.22
Bloomberg
'Stock Market Quest to Stand Firm Against Everything Comes Apart'
"The bull market is sustained because we’re going to have strong economic growth and decent earnings growth. There’s nothing about the level of interest rates over the next couple of years that says, Oh clearly that’s the road to a bear market," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.

02.11.22
Barron's
'The Stock Market Dropped Because There’s Something Scarier Than Rate Hikes'
The market discounts things before they actually happen, points out CIBC Private Wealth Management Chief Investment Officer David Donabedian. He was feeling optimistic about the market because demand was holding up. Coming into Friday, Donabedian believed investors had "increased confidence that economic growth is going to be good and earnings growth is going to be solid."

02.11.22
Barron's
'Consumer Sentiment Falls to Worst Level in a Decade'
"The American consumer is in a foul mood. The source of that negativity is inflation. There’s also an indication that was a reaction to the decline in the stock market in January." David Donabedian, chief investment officer of CIBC Private Wealth US, told Barron’s. 

02.08.22
Barron's
'Tech Stocks Are Bouncing Back. Here’s Why.'
"Despite the headlines on Meta and other visible tech companies, fourth quarter earnings for the sector are coming in really well," said Dave Donabedian, chief investment officer of CIBC Private Wealth Management.

02.08.22
Bloomberg
'Oil Drops on Optimism Over Easing Tensions in Eastern Europe'
"A lot of the geopolitical risk is priced in to crude currently so any progress, even small, could take a bit of that premium out of the price. It will not induce a massive sell off unless something concrete happens but if things are not getting worse crude starts to fade off the highs," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

02.08.22
Barron's
'Stocks Defied Those Climbing Bond Yields. Big Tech Went on a Roll—and What Else Happened in the Market Today.'
"With the inflation rate where it is, it makes sense to me that you have a rising 10 year yield," said Dave Donabedian, chief investment officer of CIBC Private Wealth U.S.

02.02.22
MarketWatch
'A few more stock pullbacks, and then a big one, are coming, warns this manager. Here’s how investors should prepare.'
"We enter 2022 with relatively high valuations, a 7% inflation rate in the U.S. and the three greatest catalysts for the great bull markets coming out from March 2020, through 2021," David Donabedian told MarketWatch in an interview on Monday.

01.26.22
CNBC
'Global oil benchmark tops $90 for the first time since 2014'
"Each day that passes without a de-escalation, we could see more of a supporting bid to crude," said CIBC Private Wealth’s Rebecca Babin.

01.26.22
Bloomberg
'Brent Rises to Highest Since 2014 Amid Geopolitical Tensions'
"Anyone who has not participated in the 'energy' rally may start to really feel the need to get exposure," which may nudge the market a leg higher, said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

01.25.22
The Wall Street Journal
'Stock Futures Fall in Wake of Turbulence on Wall Street'
"We have gotten so used to this cycle of companies blowing the roof off of earnings expectations, but so far that is not happening," said David Donabedian, chief investment officer at CIBC Private Wealth.

01.21.22
The Bond Buyer
'Rough first three weeks of 2022 land munis in the red'
Given the Fed’s desire to end tapering before raising rates, Gary Pzegeo, head of fixed income at CIBC Private Wealth U.S., said, "we don’t expect a policy move at the January meeting."

01.21.22
Bloomberg
'Oil Caps Fifth Weekly Gain After Touching Its Highest Since 2014'
While commodities have been extremely resilient at the start of the year due to supply risks and geopolitical concerns, they won’t "continue to be completely insulated," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.

01.19.22
Bloomberg
'Oil Hits Fresh Seven-Year High on Outlook for Resurgent Demand'
"The market has already priced in a tighter market in 2022, and the IEA and other agencies are just catching up to that," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Oil could still extend its rally as "event risks in a tight market can cause outsized moves to the upside."

01.12.22
The Wall Street Journal
'Dow Closes Lower as Bank Stocks Fall'
"We expect a more volatile environment, with big up days and big down days. Perception of inflation will be a driving force in the direction of the market," said David Donabedian, chief investment officer of CIBC Private Wealth US, adding that "it will be a bumpy ride."

01.12.22
Bloomberg
'Oil Gains as U.S. Crude Stockpiles Drop to Lowest Since 2018'
"Crude is trading with rose-colored glasses," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management, with investors focused on the more bullish aspects of the EIA report, such as the Cushing draw versus the slightly softer implied demand. "The fundamentals and technicals support this for now."

01.10.22
Bloomberg
'Munis’ Worst Annual Start Since 2001 Imperils ‘January Effect'
"The Fed has thrown a monkey wrench into the whole January effect," said Christopher Lanouette, a managing director for CIBC Private Wealth Management. He said he’s reducing exposure to the 8- and 10-year part of the muni curve to prepare for rising rates.

01.06.22
Yahoo! Finance
'Oil Gains as North American Freeze, OPEC+ Constraints Hit Supply'
Oil "is fueled by demand holding up well in the face of omicron, supply disruptions, OPEC+ spare capacity concerns and, most importantly, sentiment. It feels like we are setting up for a blow off to the upside," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. Read.

01.05.22
Financial Advisor
'Bitcoin Declines To Lowest Level Since December's Flash Crash'
"It’s a speculative investment and volatility is going to be a constant there," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.

01.05.22
Reuters
'Stocks slump, Treasury yields rise on fear of a faster Fed pullback'
"Today's FOMC minutes make clear that discussions about more than three rate hikes and outright quantitative tightening this year are on the table," Dave Donabedian, chief investment officer for CIBC Private Wealth, U.S., said in an email.

01.05.22
Bloomberg
'Bitcoin Declines to Lowest Level Since December’s Flash Crash'
"It’s a speculative investment and volatility is going to be a constant there," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone.

01.05.22
Bloomberg
'Tech Stocks Extend Selloff as Yields Stay Elevated: Markets Wrap'
"Just because we have a new year doesn’t mean conditions for the market change, and obviously the market finished a great year on a strong note in December and it’s continued right into January. It’s the old law of physics that an object in motion tends to stay in motion until it meets an obstacle," David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone. 

01.03.22
Bloomberg
'Oil Rallies Ahead of OPEC+ Meeting to Discuss Output Policy'
Oil consumption is "remaining robust in the face of the omicron spread," said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. "Strong demand, along with below-normal inventories and supply disruptions in Libya, will likely compel OPEC+ to stay the course," she said.