2017 4th Quarter Commentary

During the quarter, equity markets continued to rally, and the S&P 500 ended the year at 2,674—slightly below its record high. A synchronized global economic expansion drove stock markets to higher-than-anticipated levels around the world. Domestically, economic fundamentals such as consumer spending and an expanding housing market have driven modest growth that is likely to accelerate slightly next year as a result of tax reform. Global economic growth is likely to continue to be strong. Central banks around the world are looking to move towards a more normal interest rate policy and we expect interest rates to rise. We continue to position portfolios for modest growth, although we expect volatility to increase from the record-low levels we experienced in 2017.

Download the 2017 4th Quarter Commentary