Capital Market Outlook
资本市场展望
December 9, 2019
2019年12月9日
Macro Strategy — Policy Turns Stimulative — A fundamental change in the Federal Reserve’s approach to achieving its inflation target means monetary policy is shifting from a headwind to a tailwind in 2020. We believe the end-phase before the next recession could include a run-up in equity values way beyond historical norms.
宏观战略——政策转向刺激——美联储实现通胀目标的方法发生根本性变化，意味着2020年货币政策正从逆风转为顺风。我们认为，下一次衰退前的最后阶段可能包括股票价值的上升，远远超出历史标准。
Global Market View — 20/20 Vision: 10 Themes for 2020 — As we head into 2020, the world is undergoing profound macro and thematic changes. Especially during times of episodic volatility, we suggest gaining exposure to these 10 global themes set to evolve as we head into the next decade.
全球市场展望-20/20展望：2020年的10个主题-随着我们进入2020年，世界正在经历深刻的宏观和主题变化。特别是在周期性波动的时期，我们建议在进入下一个十年的过程中，接触这10个全球主题。
Thought of the Week — Multichannel, Millennials and Mobile: Retail Trends for the Holiday Season— With the U.S. manufacturing sector still in contraction territory, the U.S. consumer has continued to drive economic growth. Strong retail sales data from the Thanksgiving weekend confirms the trend, with mobile commerce, millennials and multichannel strategies driving sales growth this holiday season.
想想本周多渠道、千禧一代和手机：假日季的零售趋势，美国制造业仍处于萎缩状态，美国消费者继续推动经济增长。感恩节周末强劲的零售销售数据证实了这一趋势，移动商务、千禧一代和多渠道战略推动了今年假期的销售增长。