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Capital Market Outlook

January 21, 2020


  • Macro Strategy—Structural Shift in Equity Valuations — A confluence of structural changes in the U.S. economy over the past 70 years has dramatically reduced the incidence of recessions and raised the value of each dollar of corporate earnings.
  • Global Market View—Leveraging the Power of the Global Consumer — At nearly 60% of gross domestic product, the global economy rests on the shoulders of the consumer.
  • Thought of the Week—Low corporate yields an Achilles’ heel? — Negative corporate bond returns are not a base case, but a potential risk when yields are this low.

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