Lower global growth is likely in 2019, but recessionary fears are misplaced.
The market cycle shows no signs of ending any time soon, despite the inverted yield curve.
The U.S. Federal Reserve capitulates on raising interest rates.
Investors who reacted quickly to late 2018 volatility may be regretting their hastiness.
Negative years are rare but there’s little to suggest larger problems loom.
The market environment may seem similar, but today’s conditions are much more favorable.
We think the market may have appropriately responded to excessive expectations for U.S. growth.
Estimated capital gains distributions are now available to help with year-end tax planning.
In our view, rising interest rates are unlikely to kill the bull market at this point.