Global financial markets showed mixed results in the third quarter with equity markets generally positive.
U.S. economic growth will likely continue based on another quarter of above trend growth. We expect the gap in growth rates between North America and the rest of the world to close as the fiscal policy stimulus in the U.S. fades.
As valuations rise to historical extremes, it is imprudent to take on too much risk.
Valuations will be subject to significant volatility if the liquidity withdrawal is not executed perfectly.