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Quarterly Commentaries

A Moderate Extension of the Cycle – Q4 2016

Anticipated pro-growth policies in the U.S. may extend moderate economic growth, though a strong reacceleration is unlikely. We favor U.S. equity sectors with reasonably priced growth opportunities, while economically-sensitive sectors, yield-driven securities, and foreign markets face risks.

Looking at the Big Picture – Q3 2016

The U.S. economy has come a long way in the current expansion, thanks more to its duration than its pace. Risks have gone up, but we see room for continued slow growth ahead. Still, a sustained economic reacceleration is unlikely in the U.S. or abroad.

U.S. Economy Shows Its Maturity – Q2 2016

The U.S. economic cycle appears to be maturing, as areas of economic strength continue to narrow and structural challenges to international growth persist. Slower growth looks to be the most likely scenario, with increased risks for the more economically sensitive areas of the market.

Focus On Sustainability – Q1 2016

The economic backdrop continues to evolve in the U.S. and abroad, but the sharp market moves in Q1 were not commensurate with recent economic shifts. Continued slow-to-moderate growth is the most likely path forward, even as certain sectors face economic headwinds.

A Split Economy – Q4 2015

Consumer spending should drive U.S. economic growth even as energy-based businesses and other production-oriented firms struggle. This ongoing divided economic picture in the U.S. should produce moderate growth at home and contribute to unexciting global growth even as risks have risen.

Variability Within Moderate Growth – Q3 2015

China's slower growth is a headwind for global growth, but it impacts economies and businesses differently. Ā Strength in consumer and health care spending in the U.S. should overcome local production weakness.

Focus on Areas of Strength – Q2 2015

Selective market opportunities exist, even as the Federal Reserve embarks on raising interest rates and global growth is subdued.
The information contained within each report was current at the time the report was created and may change over time.