Economic & Market Perspectives: This Is What Late Cycle Looks Like

Since 2017, increasing concerns over trade and interest rates have taken turns bearing the weight of the market's attention.

To view this email as a web page, click here. Economic & Market Perspectives August 2019 This Is What Late Cycle Looks Like Matthew Peron, Chief Investment Officer Paul Single, Managing Director, Senior Portfolio Manager Steven Denike, Portfolio Strategy Analyst For most of the past decade, asset prices have risen with limited interruption. However, the investment environment has shifted over the past year and a half, and portfolios that served investors well during the steady ascent of risk assets could now be exposed and will have to work harder to generate returns than in previous years. This is what late-cycle investing looks like. More modest gains, with higher volatility, as investors grapple with uncertainty surrounding policy and mixed messages about the sustainability of the expansion. Read more on CNR.com » Follow Us Investment management services provided by City National Bank through its wholly-owned subsidiary City National Rochdale, LLC, a registered investment advisor. Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this document and are subject to change. Bonds and bond funds are subject to interest rate risks and will decline in value as interest rates rise. This risk is heightened with investments in longer duration fixed-income securities and during periods when prevailing interest rates are low or negative. All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future results. Investment Products are: • not insured by the FDIC. • not a deposit or other obligation of, or guaranteed by, the bank. • subject to investment risks, including possible loss of the principal amount invested. Unsubscribe from this list  |  Update email preferences This message has been sent to bank@banking.offers.report. Please do not reply to this email. To ensure the delivery of future emails, please add email@emails.cnb.com to your email address book or safe sender list. Copyright © 2019 City National Bank – All Rights Reserved. 350 South Grand Avenue, Los Angeles, CA 90071 City National Bank is a subsidiary of Royal Bank of Canada. TERMS & CONDITIONS  |  PRIVACY STATEMENT NMLSR ID# 536994 | City National Bank Member FDIC