With little room for the unemployment rate to fall lower, many economists are growing increasingly concerned with the availability of labor supply and, the prospects for near-term economic growth.
In 2020, the hunt for yield is likely to continue.
In this special holiday edition, Michael explains how an evening at home went awry: how a discussion about China and Hong Kong morphed into a chart war about Trump, Hoover, Taft, Rachel Maddow and Anderson Cooper.
Investment strategies for a late-cycle environment
This greater economic stability should bolster international earnings expectations, halting the decline seen over the past 18 months.
Given current and projected productivity and labor supply dynamics, productivity is unlikely to provide a significant lift to future growth.
Global trade tensions may continue into 2020, weighing on global growth and acting as a headwind for further equity market gains.
Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.