CBSI-TL-MY 2017 Midyear Market Outlook

2017 MIDYEAR MARKET OUTLOOK

MARKET SUMMARY   With the equity market at all-time highs, now is a good moment for clients to consider if they are comfortable with their equity exposure levels.   Sluggish GDP growth in the first quarter is likely to pick up in the second half of the year.   The economy is nearing full employment, which could put inflationary pressure on wages as the labor supply tightens.   If Congressional gridlock persists, the inability to make political progress on business- friendly legislation could take the steam out of the economy.

MIDYEAR NUMBERS

2-2.5% 2017 U.S. GDP GROWTH FORECAST 9.7% S&P 500 YTD 4.3% 2017 MAY UNEMPLOYMENT 2.2% 10-YEAR U.S. TREASURY YIELD * 2.69% BLOOMBERG BARCLAYS AGGREGATE BOND INDEX YTD RETURN ** 4.05% BLOOMBERG BARCLAYS MUNICIPAL BOND INDEX YTD RETURN **

*AS OF 5/31/17 **AS OF 6/16/17

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