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Quarterly Commentaries

2019 Year-In-Review – Market Growth Spurt In a Maturing Economic Cycle

The economic cycle continued to mature in 2019, as U.S. consumption and manufacturing diverged. Headwinds from trade slowed growth abroad, but rising valuations powered strong market returns globally.

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.
The information contained within each report was current at the time the report was created and may change over time.