Sort by Year

Quarterly Commentaries

A Tale of Two Economies: Consumer vs. Producer – Q3 2019 Commentary

U.S. economic growth is likely to remain positive, but below trend, in the near-to-intermediate term, as consumer strength is partly offset by weakness in manufacturing industries. We anticipate continued market volatility in the face of a maturing U.S. economic cycle, economic weakness abroad, and geopolitical uncertainty.

Easing Off the Gas, Not Slamming the Brakes – Q2 2019

Our outlook for the U.S. remains positive. However, slowing growth, progress already made this economic cycle, and a partially-inverted yield curve demand close attention. As this expansion continues to mature, we believe a mix of economically-sensitive and defensive exposures is appropriate for the environment ahead.

Late in the Game, But Not Down to the Buzzer – Q1 2019

Strong equity returns in Q1 were largely a continuation of 2018’s volatility, but moderate economic growth should also continue. We see sector selectivity as increasingly important given this late-cycle backdrop.

Sound and Fury Versus Sound Fundamentals – Q4 2018

A range of concerns shook investor confidence and markets in 2018, yet broad economic trends point to continued moderate growth. Our market outlook remains positive, given the disparity between global economic fundamentals and sharply reduced equity valuations.

2018 Year-In-Review – Markets Shaken, Economy Not Stirred

Global capital markets saw a resurgence of volatility in 2018, as rising interest rates and geopolitical risks shook investor confidence. However, broad economic trends remained fairly stable, and the relative returns of various market segments in 2018 largely lined up with our macro outlook.

Select Opportunities at Home and Abroad – Q3 2018

We see ongoing investment opportunities in the U.S., tied to its economic leadership. We also see new opportunities in Asia, where equity underperformance has shifted the region’s risk and return outlook. While markets always face uncertainties, economic and market fundamentals appear stable.

Mostly Sunny at Home, Partly Cloudy Abroad – Q2 2018

Prospects for a temporary reacceleration of economic growth in the U.S., and for continued trade tensions globally, do not change our fundamental view that the U.S. is on a favorable path of moderate economic growth while challenges remain abroad.
The information contained within each report was current at the time the report was created and may change over time.