2018 MIDYEAR MARKET OUTLOOK
MARKET SUMMARY The current expansion should last well into 2019 and beyond. The U.S. labor market is at nearly full employment with payrolls rising. Tariff measures by the United States are provoking retaliations by trading partners. The Federal Reserve has raised the Fed funds rate twice in the first six months, with two more hikes anticipated by year’s end. Equity valuation levels are approaching lofty levels, but still below the all-time highs set in the 1990s.
MIDYEAR NUMBERS 3.0% 2018 U.S. GDP GROWTH
FORECAST 4.9% S&P 500 Y TD 3.8% 2018 MAY UNEMPLOYMENT 2.92% 10-YEAR U.S. TREASURY YIELD * -1.94% BLOOMBERG BARCLAYS AGGREGATE BOND INDEX Y TD RETURN * -0.49% BLOOMBERG BARCLAYS MUNICIPAL BOND INDEX Y TD RETURN *
*AS OF 6/15/18
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