Market Outlook 2020

Winter 2020

Market Outlook – Following a difficult performance year, investors have enjoyed very strong investment returns across all asset classes in 2019, despite slower global growth and numerous headwinds. A pre-emptive monetary policy reversal by the Federal Reserve has been the primary catalyst for pushing both stock and bond prices substantially higher in 2019. As we entered the year, our research team believed sufficient progress had been made toward achieving the Fed’s dual mandate of full employment and price stability to allow the Fed to pause further monetary tightening for the balance of the year.

Summer 2020

Market Outlook – As we feared in our Winter Outlook, the first half of the year provided another great example of how unforeseen forces can surprise investors in the most unconventional manner. The COVID-19 breakout created an economic and market shock unlike any other crisis which has now, officially, pushed the U.S. economy into recession according to the National Bureau of Economic Research. There is no doubt much has changed over the past several months as we are suddenly presented with the most uncertain investment environment in modern history. When you experience a crisis of this speed and magnitude, people tend to get their priorities straight pretty quick.

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