Markets, economy, stocks, growth, global, fixed income, international, asset classes
Trade policy is of first-order importance in a more connected world, and markets have been reacting nervously to U.S. trade disputes.
While tariffs remain a concern, the key issue is the degree���which we deem moderate���of U.S. recession risk. The current global backdrop makes the U.S. dollar unlikely to strengthen. Earnings growth expectations are modest, valuations are undemanding