2Q 2019 Market Letter

THE PLOT THICKENS

While even this summer’s most action-packed blockbuster will ultimately deposit a physically- and emotionally-drained audience back into its seat as the lights come up, the same cannot be said of the drama that continues to unfold in the global economy and financial markets. Ten-plus years in and this nail-biter is acting as though it may still have a couple of reels left to go; just when investors are sure they know exactly how it’s all going to end, they are utterly blindsided by a plot twist that seems to take things in a completely different direction.

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