2Q 2017 Market Letter

Risk assets face a daunting wall of worry with no shortage of bricks, as global and U.S. economic growth remains relatively slow, equity valuations seem somewhat high by historical standards, and the political process in DC appears thoroughly bogged down.

At the same time, however, growth – while unspectacular – remains fairly steady and broadly distributed across the globe, corporate earnings have been improving – recently quite robustly – and consensus expectations continue to lean towards some version of Republicans’ widely-touted pro-growth agenda eventually getting passed, albeit later and likely on a smaller scale than originally anticipated.

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1Q 2017 Market Letter