Key Takeaways
- The S&P 500 is off its high on heightened trade tensions, a lower than expected Fed rate cut, and a series of negative headlines in August.
- Bonds have posted strong returns this year as negative-yielding debt balloons to $15 trillion.
- Despite escalation, the U.S. remains relatively insulated from global trade. Investors should brace themselves for lower market returns, elevated volatility and remain disciplined relative to their long-term goals.
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