The investment landscape and headlines of today would be unrecognizable to someone who fell asleep six months ago and suddenly snapped awake. Financial markets have undergone a tectonic shift that few saw coming. Back in the summer of 2016, the prevailing belief was that central banks were all-powerful and would forever push rates lower in a continuation of policies followed since the crash of 2008. In a show of force, the Bank of England announced a fresh cut to their interest rate to fend off an economic seizure in the face of the Brexit decision, the European Central Bank re-upped quantitative easing, and the Fed was maintaining overnight rates at just above zero.
“There is nothing wrong with America that cannot be cured by what is right with America.”
– William J. Clinton
The Fourth of July has always been my favorite holiday. Growing up in the Pacific Northwest, Independence Day always meant the “official” start of summer and a big reason to celebrate.
At our 2015 Annual Outlook event, we announced Grant Williams as a new member of our firm as Strategic Advsior. There, Grant explained what compelled him to join Evergreen GaveKal.