A month into the new year, things seem a bit more upbeat than they did at the close of 2018 –especially with the Fed adopting a more patient approach to hikes. But recession talk still abound, even with little evidence. In reality, the US economy appears quite robust, touting annual growth near 3% for 2018, and expectations for coming years that will compare well to previous decade. In light of this, the dollar also looks quite strong for now, which could spell trouble for earnings near-term growth. Powell’s patient pause should allow for an extension of the recent rally for a while . . .

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