JPMorgan: Investment Outlook for 2020
The investment outlook for 2020
Investment strategies for a late-cycle environment
IN BRIEF
- The U.S. economy has returned to slower growth, but should avoid recession in 2020.
- Overseas economies should see modest improvement as trade tensions ease.
- The Fed may leave rates unchanged in 2020, but other central banks are still in easing mode.
- Modest U.S. equity gains should be built on somewhat higher earnings rather than multiple expansion.
- International equities should outperform in the long run, but will be challenged for as long as trade tensions persist.
- Market volatility could be higher in an election year. Investors will need to be well diversified and should avoid letting how they feel about politics govern how they think about investing.