2018 Quarterly Review

Second Quarter Review

As we enter the second half of 2018 strong economic fundamentals are being confronted by geopolitical turmoil. The result is that markets have been trying to run up an icy slope. In North America, corporate earnings have been stellar, interest rates have been rising in an orderly fashion, and we are close to or at full employment. On the other side of the ledger, trade spats, isolationist policies, and aggressive political rhetoric have stoked anxieties. As a result, it is understandable that investors are left with a perception that is probably worse than reality.

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