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While others speculate about how quickly the Fed will cut rates, or whether the US and China will come to an agreement on trade, we urge investors to tune out the noise and remain focused on what drives sound asset allocation: the economic cycle. Economic data continue to point to slowing growth as the cycle matures, and while absolute levels of growth remain strong, recessionary indicators are flashing yellow which dictates a cautious approach.

As always, if the data indicate that a change is warranted, we will not hesitate to adjust portfolio positioning as appropriate.

GMAG Investment Perspectives: 2019 Q3 Market Outlook.

Please give us a call if you would like to discuss the markets or your portfolio. We will keep you apprised of any important developments.