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Fall 2018

Looking past political gridlock in the U.S. With the U.S. midterm elections behind us and producing widely expected results, we anticipate political gridlock but few long-term market implications for now. Instead, investors can return their focus to fundamentals. Still, markets are likely to be more like a ground game, and less the long bomb. Our base case still sees strong U.S. growth underpinning the global expansion, and U.S. earnings continuing to impress. The divided government means a number of sectors are in focus, including defense, healthcare and infrastructure.