Top 10 for ‘20
November 27, 2019
In our view, 2019 was a mid-cycle reset where the Fed cut rates three times, capital expenditure bottomed out and global GDP slowed. The bad news is that yields are low and investors are long on duration, a big risk given that the Fed will likely stay on the sidelines and not lower rates in 2020. The good news is that businesses have started to open their checkbooks and invest in much-needed R&D and expansionary projects. All told, we expect a modest cyclical recovery in 2020, while the Fed lets the U.S. economy continue to run hot.
Here are our top ten insights going into the new year. Happy holidays to all!
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