• A calendar-year forecast for 2017 is even more difficult than usual because of the uncertainties accompanying the new regime in Washington
  • Proposed tax reform, deregulation and fiscal stimulus could be good for the economy
  • Despite Republican control of Congress and the White House, there is no guarantee that such reforms will occur
  • Potential trade wars and the ballooning deficits from unfunded military and infrastructure spending are significant risks
  • Interest rates and inflation will need to be monitored closely
  • The strengthening of the dollar has beneficial and detrimental effects to the U.S.
  • Despite the uncertainties, we are positive in our outlook and expect equities to outperform cash and bonds

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