What I Learned This Week

The strengthening case for rebalancing portfolios away from the U.S.

The past several weeks of market volatility have revealed one truth: the U.S. economy can no longer claim immunity from the weakening growth that has spread throughout the rest of the world. For instance, the widely-watched ISM PMI registered its largest drop since the GFC, falling 5.2 percentage points between November and December. And, the forward-looking new orders component of the ISM Index fell by 11 percentage points. Five Fed regional manufacturing indices fell in unison for the first time since May 2016. New single-unit housing starts were down 13% year-over-year in November 2018, while existing single-family home sales were down 7% year-over-year. Auto sales grew less than 1% for a…

Want to read more?

Subscribe Today

Already a subscriber? Login here.