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Economic growth and continued easy monetary policy propelled equity markets to record high levels, and tightened credit risk premiums in Q2. The US and Global economic growth has become broad based and continues along a steady moderate growth that may be self sustaining. The IMF recently raised its forecast for global growth to 3.7% in 2018. Risk was rewarded as growth-oriented stocks, along with European and Emerging markets were the better performers fore the quarter, while Corporate bonds, including High Yield and adjustable rate bonds, performed well. Short term interest rates rose to the highest levels since 2008 as the Federal Reserve confirmed plans to tighten a third time in 2017 and three more in 2018, and began to gradually reduce its balance sheet, unwinding QE.