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Capital Market Outlook

February 3, 2020


  • Macro Strategy—Reflation: is it working? There are some early signs that the reflation process is starting to bear fruit, at least in the United States, where the Federal Reserve has led the reflation effort.
  • Global Market View—Should Investors “Curb Their Enthusiasm” about U.S. Trade Prospects? The world’s largest and most important bilateral commercial relationship remains under considerable strain due to rising U.S.-EU trade tensions.
  • Thought of the Week—What to Make of the Wuhan Coronavirus The outbreak of the Wuhan coronavirus produced a risk-off reaction. The severity and duration of the epidemic can increasingly pressure stocks and bond yields, but ultimately asset prices typically revert back to the fundamentals when the concerns lessen.

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