By Erik L. Knutzen, CFA, CAIA, Chief Investment Officer-Multi-Asset Class
The Asset Allocation Committee gathered off-cycle in November to discuss the U.S. elections and the impact of Donald Trump's assumed reflationary policy on our investment outlook, deciding at the time to shift our bias toward U.S. equities and away from non-U.S. assets. Since then, U.S. stock indexes have continued to surge, with some establishing new all-time highs.
With the benefit of a month of post-election clarity, we have reassessed our outlook in light of recent market activity to determine our First Quarter 2017 Outlook. Have certain markets gotten ahead of themselves? Perhaps. But it's hard not to remain constructive on U.S. equities and pockets of the commodity complex given the new pro-growth, pro-inflation impulse coursing through markets and poised to continue next year as the Trump administration takes office and begins to execute its policy agenda.
Markets May Be Looking… Read More …
