Q3 Look Ahead
As the third-quarter of 2019 begins, we hope you have a chance to review our Q3 2019 Look Ahead.
Friday released an amazing jobs report that might assuage investor anxiety around a slowing economy. [i]
But not so fast!
Further, our belief is that Trump’s managed trade war will back the Fed into a corner, leading them to cut rates. Certainly, expectations are calling for a rate cut this year. [iii]
To see our forecast for rates going forward, click this link for a look.
Further, there is a downshift in GDP growth with the two largest economies – China and the United States. [iii]
Fortunately, the ‘risk on’ approach investors have taken helps us work our way through what we believe is an earnings recession (defined as two-quarters of no earnings growth). [iv]
We hope you dive deeper into our views and share your ideas with us.
Tim Phillips, CEO, Phillips & Company