Investment Policy Outlook

We believe that the U.S. economy is strong, as indicated by accelerating GDP, company earnings growth and unemployment well below 4%.[1] In addition, after several years of little real wage gains, even those workers at the lower end of the pay scale are finally beginning to see wage increases.[2] Interest rates across the yield curve increased over the course of the quarter, and the yield curve steepened,[3] which in our opinion are both signs of a strong and healthy economy. We believe higher interest rates in the U.S. have resulted in a stronger dollar, which has created currency and economic turmoil in several emerging market economies, but so far, this has not slowed the…

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[3]FactSet Financial data and analytics; Market data, sourced from Tullett Prebon Information Services