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Investment Strategy Overview (ISO)

U.S. Trust's outlook on the economy, the markets, investment trends, portfolio considerations and asset-class weightings.

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Year Ahead 2019: Powerful Waves of Change

There are Powerful Waves of Change occurring all around the world at the macroeconomic, geopolitical, corporate, demographic and investor psychology levels. The “waves” did not all arise at once, rather they have been building primarily since the Federal Reserve (Fed) began to normalize monetary policy and the U.S. economy broke free from the rest of  the world with the help of tax reform and deregulation. This added a boost to rising business and consumer confidence, supported a corporate profits boom led by healthy capital equipment and consumer spending trends, spurred job growth to levels in which there are more job openings than available people to fill them at present, and eventually led to the largest economy in the world, the U.S., growing consistently above trend. 

Headline and event risk is high in 2019, which is likely  to lead to muted returns in equities. But equities, including dividends, as well as cash are still expected   to outperform fixed income over the course of the  year.

Christopher Hyzy Chief Investment Officer

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