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Investment Outlook—Q3 2015
Economic Backdrop: The IMF forecasts global GDP growth of 3.3% and 3.8%, for 2015 and 2016, respectively. The expected 2015 growth rate is now slower than growth in 2014.
Equity Market Valuation: U.S. stock market valuations are trading near historic average levels based on trailing 12-month earnings, but trending toward expensive on forward earnings.
Interest Rates & Spread Sectors: Projected fixed income returns remain low given the current yield environment. With the exception of the U.S. and the U.K., global growth forecasts for most advanced economies are just about 1.5% and largely will be achieved across much of the world as a result of monetary stimulus that has pushed rates into negative territory, especially after adjusting for inflation.