Market Commentary

Q4, 2019


  • Scattered economic improvement, better data, and supportive central banks combined to boost returns across asset classes around the world.
  • The Federal Reserve deployed several monetary policies that were initially intended to mitigate financial crises, though today’s economic environment remains benign.
  • The Fed’s actions were not limited to interest rate cuts and also included extraordinary steps such as the resumption of quantitative easing in support of the repo market and public comments regarding tolerance for higher future inflation.
  • The closely watched U.S. presidential election will likely only be seen as disruptive by market participants if Elizabeth Warren or Bernie Sanders is elected.

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