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Market Commentary

July 2019

Second Half 2019 Market Outlook

As we approach the midpoint of the year, both the markets and the US economic outlook look significantly different than they did just six months ago. The volatility that has been the hallmark of the financial markets so far this year has had several causes, with a burgeoning trade war between the world’s two largest economies, a transition in US monetary policy, and a moderation in US economic activity all playing large parts. The result of all this has been a steep decline in interest rates, with the discussion of a Fed rate cut occurring less than six months after the FOMC last hiked rates.

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