Quarterly Market Review- Rejoicing the Risk-Asset Rally

Announcement of a Phase One Trade Deal Supports Strong Equity Performance

For the Full Monthly Market Review- Click Here

Quarterly Highlights

• 3Q19 GDP Revised Higher to 2.1%; Personal Consumption Expenditures Post 39th Consecutive Quarter of Growth.
• House of Representatives Impeaches President Trump; Senate Impeachment Trial Up Next.
• US & China Agree On Phase One Trade Deal; Phase Two Discussions Set To Begin in Beijing.
• Fed Cuts Rates For Third Time in 2019 Due to Slowing Global Growth & Muted Inflation; Dot Plot Reflects Rates on Hold Throughout 2020.
• ISM Manufacturing Falls to the Lowest Level (47.2) Since 2009 Due to Weakness in New Orders.
• Euro Zone Manufacturing PMI (45.6) Remains Near Lowest Level Since December 2012.
• The 10-Year/2-Year Spread Steepens to the Highest Level Since October 2018.
• The US Aggregate Bond Index Posts Best Year Since 2002 (+8.7%).
• S&P 500 Posts Best Year Since 2013 (+31.5%) Led By Info Tech (+50.3%).
• Gold Rises Back Above Key $1,500/oz Level & Posts Its Best Year Since 2010.
• Oil Prices Post Best Year Since 2016 Due to OPEC Supply Cuts & De-escalation in Trade Tensions.