balanced fund quarterly report

December 31, 2018

Economic Commentary

Trade tensions, particularly between the United States and China, continue to dominate world headlines. Significant tariffs remain in place between the two countries while they attempt to negotiate an agreement on a trade deal. Dealings became even more tenuous when a top executive of Chinese tech giant Huawei Technologies was arrested in Canada at the request of the United States as they sought her extradition to the U.S.

The U.S. Fed and Bank of Canada both raised interest rates by 25 b.p. during the fourth quarter. Both moves were expected by financial markets, however, expectations for further hikes in 2019 have been pulled back sharply from previous estimates. The higher interest rates have begun to hit the U.S. housing market as sales have declined more than expected.

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