2020 Outlook: Part One

Three tailwinds until 2Q20, and the tail of two halves

Tis the season for outlook notes. We are going to draw on a couple of approaches we have taken in the past and split the note into three parts. We already wrote a 2020 election note¹. This week we are going to focus on the intermediate term outlook for the economy, policy and markets. Next week, we will take a longer duration look at a handful of macro …