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Investment Strategy Overview (ISO)

The Chief Investment Office outlook on the economy, the markets, investment trends, portfolio considerations and asset-class weightings.

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2020 Year Ahead: A World in Transition

The year ahead in 2020 represents another milestone in the post-credit crisis era. This expansion is the longest on record in the U.S. at over 127 months and has included numerous volatile episodes just about every year of that period. The post-crisis decade has included new monetary policy experiments, a double oil price collapse, central bank balance sheet expansion and contraction, negative interest rate debt totaling over $17 trillion at one point, unexpected world leadership changes, a Brexit vote, and a U.S. and China trade war, just to name a few.

Heading into 2020 we maintain our bullish stance given our view that monetary policy remains accommodative, global growth bottoms in Q1, election uncertainty ultimately fades, and the trade negotiations with China continue to move further into de-escalation mode in general.

Christopher Hyzy Chief Investment Officer