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Rick Rieder and Russ Brownback argue that contrary to the many year-end outlooks foreseeing either a recession or a rebound in 2020, the most likely path for the economy and markets is more moderate, which can be encapsulated in their theme of "1.8."
In the season of proliferating 2020 outlooks, and in an age of one-word answers to complex questions, often ending in hedged language like "-ish," we think next year will be remembered as being "1.8-ish." What do we mean by this? It's our colloquialism for a macro/fundamental backdrop that hugs equilibrium and is