Introduction
Our 2019 Outlook highlighted our views on equity markets, The Fed, U.S. Dollar, CAPEX/Share buybacks, GDP growth, and S&P 500 earnings/Index targets. In our Mid-Year Outlook, we review our prior assumptions and provide our updated outlook for 2H19.
Our updated global economic outlook recognizes the increased forecasted recession concerns in 2020, reflected by the Federal Reserve Board’s Yield Curve Analysis. Our forecast implies recession risks may be weighted towards the second half. Changes in Federal Reserve policy, since the beginning of the year, have proven to be more dovish than projected. At the beginning