Printer FriendlyMid-Year Outlook 2010
In late 2009, as we prepared our 2010 Outlook, we believed that following a solid start, a challenging second half of 2010 would unfold for investors. We anticipated the extraordinary global policy efforts that created tailwinds for markets in 2009 would fade, or even transition, to headwinds. These headwinds may contribute to a renewed slowdown in the economy and potentially challenging latter half of 2010 for investors.
At the halfway point in the year, we take the opportunity to update and refine our outlook. We now believe some of the tailwinds we cited are likely to be with us for longer. For example, the Federal Reserve (Fed) is less likely to hike rates this year given the continuation of low inflation and the emerging concerns in Europe, leaving potent monetary stimulus intact. However, some of the headwinds we anticipated in the second half of the year have hit us sooner, such as China’s slowdown fears. In addition, new headwinds have emerged and more may arise.
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