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Executive Summary Increased concerns about global growth slowing and downside risks from trade resulted in deteriorating macro-economic conditions in the first half of 2019. As a result of the prevailing financial conditions, the U.S. Federal Reserve signaled it is open to cutting interest rates to stimulate growth and sustain the current economic expansion. The S&P 500 index produced a return of 17.35% in the first half of 2019, its best first half since 1997. In our view, t

Executive Summary Increased concerns about global growth slowing and downside risks from trade resulted in deteriorating macro-economic conditions in the first half of 2019. As a result of the prevailing financial conditions, the U.S. Federal Reserve signaled it is open to cutting interest rates to stimulate growth and sustain the current economic expansion. The S&P 500 index produced a return of 17.35% in the first half of 2019, its best first half since 1997. In our view, t