BCM Mid-Year Review: Odd, Odds and Tods

In a look back at 2Q19, the BCM Investment Team has analyzed major themes seen through the first half of this year. Despite making a new all-time high just last week, the S&P 500 has
underperformed Long Treasuries over the past year. The ongoing trade war has already led four of the five top global economies into a manufacturing recession. According to bond market futures, more than three rate cuts have been priced into the U.S. bond markets. Are the bond markets too optimistic? For the full mid-year review, read BCM's Mid-Year Review: Odd, Odds and Tods.