American Consequences - January 2020

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This being January, my natural inclination is to review PEWX]IEVƶWIGSRSQMGERHǻRERGMEPHIZIPSTQIRXWXS LIPTTSPMG]QEOIVWERHMRZIWXSVWERXMGMTEXI[LEXQMKLX be coming in 2020. Last year ended on a relatively TSWMXMZIRSXIIWTIGMEPP][LIRGSQTEVIHXS 8LIVIMWLSTISJEKPSFEPKVS[XLTMGOYTXVEHIXIRWMSRW LEZIPIWWIRIHERHGIRXVEPFEROWLEZIVIEǽVQIH that that they will maintain ultra-low interest rates and GSRXMRYIXSTVSZMHIEQTPIPMUYMHMX]+MRERGMEPZSPEXMPMX] MWWYFHYIHERHXLIVIEVIVIEWSREFPII\TIGXEXMSRWSJ solid investor returns across many asset classes.

By Mohamed A. El-Erian

THE GLOBAL ECONOMY’S LUCK

American Consequences 19 MAY RUN OU

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