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The events and data of recent weeks make us want to err on the side of caution.
Our Asset Allocation Committee’s quarterly Outlook will come out this week, and the headline is that members see a return to “two-tier growth.”
The last time we used this phrase was in the middle of 2018, when tax and fiscal stimulus propelled a faster rate of growth in the U.S. relative to the rest of the world. Once again, we believe the U.S. is experiencing better growth than other developed countries. This time, however, we