2020 Economic Outlook – Midyear Update
2020 has been a volatile year so far in both domestic and international equity markets, and a solid year for high-quality U.S. credit markets, mid-March excepted, when temporary chaos ensued.
We discussed the container ship analogy in our annual outlook earlier this year. Shortly after that, we experienced the “iceberg” event-i.e., the COVID-19 pandemic which all but brought the world to a standstill and derailed the “steady as she goes” trajectory of developed world economies. We checked in with several third-party strategists who are hopeful for the balance of 2020, but reserve any definitive judgment given the murky forecasting environment in which we find ourselves.