International stocks continue to outperform; U.S. stocks may be choppy and more subdued going forward.
Markets and Economy
The elections in France and a deadline in Washington could move the markets.
Returns were solid for major investment categories, volatility low.
Business Cycle Update
Cyclical and demographic constraints make a sustained jump to much higher growth unlikely.
Healthy labor markets and consumer spending bode well, but later-cycle dynamics pose constraints.
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