The start of 2019 is a whole lot different than how last year began.
Fueled by tax reform, the economy experienced a late cycle surge with GDP accelerating and corporate profits legging higher at the beginning of last year.
This year, US economic growth has moderated with GDP decelerating, overseas economies sluggish, and the pop from tax reform moving to the rear-view mirror.
Last year’s first quarter was punctuated by rising interest rates with the Fed on a clear trajectory of higher rates and the ten-year bond hitting 3%.
This year, the Fed has reversed course with a now dovish stance and is on hold while the ten-year bond yield has also dropped.
To read more, download the full First Quarter 2019 Investment Perspective