Growth Worries: A Lump of Coal
In this abbreviated holiday version we briefly recap some of the key themes we discussed this year before setting our sights on the year ahead.
Market News
Slower Steam Ahead
“Slow steaming” is a term used in the shipping industry when a ship slows its speed to conserve energy. To adjust its course, a ship can always rely on fuel reserves to reach its next port. Similarly, the Fed continues to conserve its energy by raising rates, while economic growth is strong, to prepare for the next economic slowdown when rate cuts may be required.
Fourth Quarter Outlook: A Distracted Bull
Upcoming midterm elections, trade policy, the Fed and fears of recession are distractions that leap off the headlines. Lost in translation, however, is a U.S. economy growing above trend with continuing signs of acceleration.
Dow Breaks the Endurance Record: What’s next?
They say records were made to be broken. By one measure, on Aug. 22nd the Dow Jones Industrial Average surpassed the record set during the dot-com era for the longest bull market without a 20% correction.
Second Half Market Outlook
The months ahead promise investors a challenging balance of rewards and risks.
U.S. Economy on Target
As we approach the halfway point of 2018, investors have encountered many twists and turns. Globally synchronized economic growth has faded into U.S. dominated economic growth.