2019 is over and what a year it was! On the stock market, remember that in December 2018, almost all asset classes posted negative returns. The year 2019 has been just the opposite. This tailwind having propelled the vast majority of asset classes was mainly due to the central banks who injected a lot of liquidity into the markets by cutting their policy rates.
Although the economic cycle continues and the year 2020 may be politically eventful, we remain optimistic about the economic outlook for the stock markets. However, with such expensive valuation levels in the United States, it can be interesting to turn over to overseas markets such as Europe and/or emerging markets. This month to talk to us about the outlook for the bond markets in 2020, we are lucky to welcome our bond portfolio manager Louis Gagnon.