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
This is close to being the longest economic expansion on record. Nobody knows exactly when it will end, so it’s worth considering what investments could rise in value when equities and other risk assets fall during the next downturn.