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Market & Economic Outlook

Market & Economic Outlook – January 2018

2017 was quite the year. After a prolonged period of
sluggish economic growth, 2017 was marked by
synchronized global expansion across all major
economies. Risk assets surged and many domestic equity
indices experienced all‐time highs. The Federal Reserve
(the Fed) made progress on interest rate normalization,
implementing a total of three rate hikes during the year
with the most recent increase occurring in December.
The much‐anticipated reflationary fiscal policies under
the Trump administration were characterized by many
fits and starts, but tax reform legislation was successfully
passed in December, creating additional tailwinds for risk
assets. As we enter 2018, macroeconomic data and a
muted inflation point to economic growth remaining
positive, but inflated valuations across asset classes and
tightening monetary policies amongst central banks
could likely create more volatility than we have seen over
the past year.

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