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Q3 Outlook - Tariffs vs. The Fed

Updated: Jan 27, 2020

A rocky quarter, but not a bad one.

If asset prices moved up in a straight line in the first quarter of this year, the second quarter was more of a winding road.

U.S. equities still managed to register a positive quarter, but with large swings in the process.

Even if it ended the quarter in positive territory, the S&P 500 was down 8% from its peak at some point in early June, almost entering correction territory.

Moreover, global asset prices did not perform uniformly in Q2, with asset classes tied to the Chinese growth story and global trade (copper, Chinese equities) under-performing.

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