KEY TAKEAWAYS Stocks may keep going higher, but the easy gains likely have been made. Stock valuations, when compared with bond yields, are actually historically cheap. The overall technical backdrop supports a continuation of the bull market. Click here to download a...
KEY TAKEAWAYS Recent economic data have been consistently missing consensus estimates. We still see signs of sound economic fundamentals, even as some data point to weakness. We expect growth to stabilize as near-term headwinds subside. Click here to download a PDF of...
COMPASS CHANGES Upgraded precious metals view to neutral from negative/neutral. INVESTMENT TAKEAWAYS Expectations for solid but slower growth in the U.S. economy and corporate profits support our year-end 2019 fair value target for the S&P 500 of 3000.* We...
KEY TAKEAWAYS We’ve lowered our 2019 forecasts for Fed policy moves, GDP growth, and rates. We expect the Fed to pause through the end of 2019 as it waits for clarity on global conditions. GDP may grow at the lower end of our forecast as capital expenditures have...
KEY TAKEAWAYS The market rally continues, with stocks off to their best year’s start since 1991. Near-term stocks are quite overbought and a pullback could be warranted. Yet, from a sentiment perspective, we still aren’t seeing signs of the over-the-top optimism that...
