May 22, 2019 – While 2018 was a notable year for growth in the economy, with GDP expanding at a solid pace of 2.9%, it was also notable for the lack of growth coming from the housing sector. After making modest positive contributions to annual GDP growth in each year of the recovery since 2012, investment in the housing sector by businesses and households (known as residential investment in the GDP accounts) was nearly flat in 2018 (Figure 1).
May 21, 2019 – On May 23-26, elections will be held across the 28-nation European Union (EU) for the 751-seat European Parliament (EP). Campaigning has been vigorous in recent weeks, particularly by right-wing Eurosceptic nationalist candidates. Nevertheless, we expect pro-EU centrist candidates to prevail and that the outcome will be favorable for Europe’s long-term investment climate.
May 17, 2019 – This week’s nearly round trip in stock markets serves as yet another reminder that it is incredibly difficult and misguided to try to predict short-term movements in the financial markets. After a steep -2.5% drop in the S&P 500 on Monday, in response to an escalating trade war between the U.S. and China, the market clawed its way back and was set to close flat on the week as of Thursday afternoon.