Weekly Commentary 15-07-2019

A dovish pivot by global central banks should extend the length of this economic cycle, supporting our upgrade to emerging market (EM) debt. Remarks last week from the chair of the Federal Reserve appeared to signal an imminent rate cut, providing more evidence of this dovish shift. Second-quarter earnings season begins this week, with S&P 500 firms expected to post the first quarter of negative earnings growth since 2016.