Investment Outlook

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Strong Economic Growth Outshines Trade Issues

Our optimistic outlook for stocks presumes a continuation of the global expansion. Supporting the U.S. fundamental picture are a flat Phillips curve, high corporate free cash flow and lack of private sector imbalances.

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Trade Wars Trigger Headline Volatility

We remain focused on our central theme of positioning portfolios to avoid downside velocity. Regarding trade concerns, this means reducing exposure to globally-oriented investment grade credits and monitoring emerging market opportunities.