An update from the front lines of the Trade War, with a focus on implications for investors.
In today’s investment environment rates are lower, this inflates the value of future cash flows and pushes equity market multiples higher.
Michael discusses US-China trade war in context, the outlook for prescription drug price legislation, and an updated ideological scorecard for 2020 Presidential candidates.
This greater economic stability should bolster international earnings expectations, halting the decline seen over the past 18 months.
The economic backdrop in 2019 has been characterized by weakness in manufacturing being offset by the resilience of services and health of the consumer.
For investors peering into 2020, it is likely that U.S. monetary policy will remain on hold for the time being.
As the U.S. becomes entirely self-sufficient and even begins to become a net exporter of oil, it is likely to keep a lid on oil prices in the long-term.
Negative effects would occur in the context of an economy less energized by fiscal stimulus than was the case last year.