Highlights The latest reading from all the indicators confirms that the growth improvement in the manufacturing sector since early last year has moderated, while the sharp recovery in producer prices has stalled. However, it is…
Highlights Will Trump's trade rhetoric damage the U.S. service sector's abilities to generate a trade surplus and create high-paying jobs? Our assessment of the latest Beige Book via the BCA Beige Book Monitor supports the Fed…
Feature Table 1 Growth And Its Implications We still see little on the horizon to undermine a continued rally in risk assets over the next 12 months. U.S. economic growth will be propelled by an acceleration in both consumption…
Highlights EM EPS has recovered, supporting the current rally. However, forward-looking indicators portend a reversal and potential renewed contraction in EM EPS. BCA's Emerging Markets Strategy team has a more pessimistic outlook…
Highlights Reflation Trade: The backdrop for global growth and monetary liquidity remains positive, and suggests that risk assets will outperform government debt for the balance of 2017. However, there are some early signs of fading…
Highlights Monetary Policy: The Fed will deliver two rate hikes between now and the end of the year and will also begin the process of winding down its balance sheet. The market is only priced for 36 bps of rate hikes this year. Maintain…
Highlights Business capital spending is still trending up, adding another layer of support for the U.S. economy in the next 6-12 months. Profit growth has accelerated at a faster pace than our top-down model had projected and we…