November 2018 Market and Economic Outlook
- It was a rough start to the fourth quarter as increasing concerns over the “wall of worry” led to risk assets suffering a sharp drawdown in October.
- Despite these negatives, US fundamentals remained solid with third quarter US real GDP growth coming in at 3.5% and unemployment at a record low.
- The S&P 500 Index was down -6.8% for the month, bringing the year to date gain down to 3.0%
- Developed international equities, as measured by the MSCI EAFE Index, were down -8.0% for the month and -8.9% year to date.
- The Bloomberg Barclays US Aggregate Index was down -0.8% for the month and is down -2.4% year to date.
- Despite the October sell-off in equity markets, we remain positive on risk assets over the intermediate term.
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