Market Overview


Additional tariffs threatened in the 2nd quarter focused on Chinese imports have raised concerns over global growth.

U.S. inflation has softened, growth remains subdued yet stable.

Interest rates cratered during the 2nd quarter, with the market now expecting nearly three 25 basis point cuts in 2019.

Despite these concerns, the S&P 500 ended the 2nd quarter within a percent of its all-time high.

Corporate earnings growth slowed in 2019 as the effects of the 2018 tax cuts begin to fade.


Equities should continue treading water during the 3rd quarter as earnings growth continues to slow.

We expect the low interest rate environment to continue as the Fed continues towards a more dovish stance.

Trade war truce could spur consumer confidence over the medium term.

A significant amount of geopolitical risk still exists as tensions with Iran continue to escalate and the threat of additional tariffs linger.


Longest Economic Expansion



2019 Rally Shows Breadth

2019 Rally Shows Breadth

Yields crash to lowest level since 2016

Yields crash to lowest level since 2016

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