Last week, the 10-year Treasury yield fell below the 3-month yield for the first time since 2007.
Following the stock market’s recent move higher, coupled with a slightly weaker economic and corporate profit outlook, the risk-reward trade-off in stocks has become less attractive.
No changes.
WEC Description: February’s job growth was disappointing, but it followed the biggest two-month gain since 2016.
Small cap stocks have performed well so far in 2019; however, we believe the environment is getting tougher.
U.S. economic data were sound in February, even as confidence fell amid uncertainty from global trade and political headwinds.
Following such a strong rally since the December 24 lows, a pullback is reasonable to expect.
Our Beige Book Barometer has dropped to its lowest level since the 2011 European debt crisis.
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