Highlights May's soft durable goods orders report is probably not a precursor of weaker capex. Despite shortages of inventory and rising rates, housing should add to GDP growth this year and next, and keep economic growth well…

Highlights The recent weakness in emerging markets (EM) has not yet altered the Fed's view of the U.S. economy. Capital spending in the U.S. remains upbeat despite a slowdown in economic momentum outside the country. May's…

Highlights The spike in volatility in early 2018 did not change the trajectory of most of the cross-asset correlations that we track. The 2017 tax bill, rising energy prices, and banks' willingness to lend all suggest strong…

Special Report

Feature A Conversation With Ms. Mea I met with some of our European clients over the past few weeks, and used the opportunity to connect with Ms. Mea, a long-standing client of BCA who visited us last fall.1 As always, Ms. Mea was keen…

Highlights BCA expects consumer spending to remain supportive of above-trend economic growth in the U.S. in the next few quarters. Our view is that the 2018 outlook for both the U.S. economy and corporate profits remains constructive…

Highlights The November jobs report keeps the Fed on track. Despite rising government debt levels, crowding out is not a significant threat. Capex as a share of GDP rises the year before a tax cut and falls in the year after.…

Special Report

Highlights The House and Senate have passed similar tax cut bills; passage of a compromise version seems all but certain; Combined with the Trump administration's de-regulation efforts, fundamentals point ever higher for U.S.…

Highlights Portfolio Strategy Synchronized global capex growth, a derivative of BCA's synchronized global growth thesis, will be a dominant theme next year, benefiting cyclicals over defensives. Three high-conviction calls are…

Highlights Portfolio Strategy Rising oil prices, a weakened U.S. dollar, ongoing global oil producer discipline and still compelling valuations argue for maintaining an above benchmark allocation in the S&P energy index. Wide…

Highlights Risk assets are responding well to better data and rising rates. Q3 EPS results beating lowered expectations, but growth earnings will peak soon. The conditions are in place for robust capital spending. Financial assets…