2020 Mid-Year Market Outlook
We came into the year with the economy on solid footing. Jobless claims were low, the unemployment rate was at a 50-year low, housing starts were hitting cycle highs, and global PMIs were turning higher. Things were looking good for remaining on trend growth since the financial crisis ended. It looked like we would make it into the 12th year of the economic expansion. We expected moderate returns with some volatility given normal election year trends. That all changed quickly. Nobody predicted a global pandemic that would land a crushing blow to both the global economy and markets.