INVESTMENT STRATEGY QUARTERLY RECAP
Economic and financial market headwinds for the next six to twelve months include earnings growth, Federal Reserve policy, global economic growth, the U.S. presidential election, and geopolitical uncertainty. Top tailwinds include low interest rates and energy prices, strong consumer fundamentals, an improving labor market and a stabilizing U.S. dollar.

U.S. ECONOMY – Scott Brown, Chief Economist,
Equity Research
FEDERAL RESERVE

In August, Federal Reserve officials, including Chair Janet Yellen, appeared to be setting the stage for a September rate hike. However, since then, many of the economic data releases have been on the soft side of expectations, and the Federal Open Market Committee (FOMC) did not raise the federal funds rate at its September 21 policy meeting.

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