Just as headwinds from trade policy were beginning to dissipate, the outbreak of COVID-19 has pushed the global economy into recession.
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Global markets and multi-asset portfolios
Potential implications for pension plans
Inventories tend to have a cycle of their own, growing and contracting several times over the course of an expansion.
PG&E (ticker: PCG) filed for bankruptcy - surprisingly the issuer was within the A or better rated pension liability discount rate universe within the prior 12 months.
Political uncertainty has led to low expectations that policy initiatives would see much progress before year-end.
Investors are concerned about the deterioration of corporate debt quality.
For most of 2018, eurozone and US monetary policy appeared to be on a largely preset course.