Cardinal Quarterly – April 2019

MARKET OUTLOOK – After falling close to 20% in December 2018, most developed markets have experienced a V-shaped recovery and are approaching record highs. A change in interest rate policy from Central Banks has probably been the biggest factor behind the change in sentiment. Coming into the fourth quarter of 2018, the Federal Reserve seemed intent on pushing short term rates higher to guard against higher inflation in 2019 and beyond. However, inflation has remained weak, as it has for most of the past decade, bolstering the argument for continued low interest rates through 2019.

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