Summary: Tough Comparisons in 2019

2019 is shaping up to be a more challenging year for investors than 2018:

  • S&P 500 earnings growth is forecast to be cut in half.
  • U.S. interest rates are expected to move higher.
  • Global GDP growth is forecast to slow.
  • The volume of U.S. imports from China subject to tariffs (and vice versa) will be higher on a year‑to‑year basis, even if no new tariffs are put in place.

Overall, U.S. equities will likely post a single-digit gain in 2019, while bond prices will likely continue to move lower, although more bearish scenarios for both asset classes cannot be ruled out.

Download our fourth quarter outlook and update here.


Asset Allocation: Strategic Outlook …p.2

Equity Outlook …p. 6

Fixed Income Outlook … p. 9

Alternatives/Commodities Outlook … p. 12

Tactical Asset Allocation…p.14

Market and Global Sector Performance…p. 15

Key Economic Indicators…17