PST - What A Difference A Year Makes
The financial markets began last and this year with a bang. However, there are significant differences, both positive and negative, that lead us to believe that this year will end differently than last year.
A year ago, investor optimism was at an all-time high with expectations that the global economy would accelerate, earnings would increase to record levels, inflation would rise, albeit slowly, monetary authorities would remain accommodative but would begin to return to "normal" and threats of trade wars was just a whisper. It helped that the pro-business Republicans controlled both the White House