Risks For The Second Half Of 2019 Are Mounting By The Day

As we look into the second half of the year and into 2020, we are left with a fleeting feeling about the prospects for a cyclical uptick in growth and therefore earnings. The problem is not so much with the current pace of growth or incoming data (which by the way hasn’t been very good). It’s more about the tea leaves telling us that the slowdown we’ve experienced over the past few months could continue and even accelerate through year end and into next year. As we see it, the three main impediments to economic growth are . . .


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