Room: PGA Ballroom
After more than 10 years of steady US economic growth and nearly 11 years of a US equity bull market as measured by the S&P 500 Index, it is hard to imagine that both have room to grow. Yet that is our 2020 base case. We expect the US economy to benefit from a healthy consumer, favorable financial conditions and a lack of notable imbalances, either economic or financial. With risk of a recession low this year as a result, we recommend remaining invested in US equities given the odds have overwhelmingly favored doing so during past economic expansions.