Fourth Quarter Investment Outlook

Investors seem skittish about the balance of risks in financial markets. On the one hand, we expect labor market strength, rising wages and continued easing from the Federal Reserve to support the US economy. We also anticipate decent real GDP growth this year and next. On the other hand, we see a number of looming risks, including trade conflict, earnings pressure, and a manufacturing slowdown.

We think an outright recession in the next 12 months is unlikely, but we need to see a cyclical pickup soon. In the meantime, we believe patient investors could still see some modest returns.

For more details, read our October Investment Outlook:

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