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Quarterly Commentaries

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.

Moderate Growth and the Strong Dollar – Q1 2015

U.S. GDP growth shifted lower, while European stocks rose on the weak Euro. A more difficult corporate profit growth environment in the U.S. is ahead despite steady economic growth. This should make sector positioning critical.

Growth and the Dollar: The Beat Goes On – Q4 2014

Slow-to-moderate growth and a strong-dollar environment will likely persist in 2015. In the U.S., sectors of the market like Consumer Discretionary and Health Care look well positioned. Commodity-based sectors in the U.S. and overseas economies should face economic headwinds.

Growth Differential – Q3 2014

The U.S. economy continues to grow at a steady pace even as growth abroad looks less certain. The divergence in growth among major economies will continue to impact the currency markets and, in turn, drive Sector and overall stock market returns.
The information contained within each report was current at the time the report was created and may change over time.