March 20, 2017 - Stocks reacted favorably last week to the interest rate increase by the Federal Reserve and the fact that they left their forecast for future rate hikes unchanged. We have recently been fielding concerns about the future direction of the stock market. Our answer has been that we continue to see solid economic underpinnings both in the U.S. and globally (see middle panels below) that will support future profit growth and ultimately stock prices – despite not having a significant market correction in over a year. We also think stocks offer fair value relative to bonds and cash, and considering the favorable economic backdrop (see bottom panel).
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