Macro Backdrop
In conjunction with a handful of impacts—1) escalating trade tensions with our largest nation-state partner, 2) a yield curve head-faking flatness, 3) a midterm elections balance shift, 4) the shuttering of the federal workforce as a border wall deal pawn, and 5) an expansion that was getting longer in the tooth—these factors stacked up as too burdensome for the equity markets to sustain.
Download whitepaper: 4Q2018 Market Update