Financial Markets
Global Portfolio Strategy
Third Quarter 2020
​A Volatile Season
Equities are disconnected from the economy. US political uncertainty reigns.
Interest rates offer little diversification. Prepare for volatility.
​
Growth vs. Politics
Equity risk is rising as politics is trumping a slowing global economy.
Elevating risk.
Politics and time
are conspiring to force the Fed to lower interest rates.
Tight and Loose.
The US economy is buoyed by the consumer while manufacturing bares the burden of the trade wars.