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Economic news is everywhere—can you make sense of it? Now it's easier with the Investment Outlook. The outlook highlights key components that affect the economy all in one place, and provides insights that may be important for your investments. Visit quarterly for the most recent update.
Global Growth Increasingly Synchronized as Central Bank Stimulus Remains a Factor
Central bank stimulus and improving confidence promote modest, synchronized growth.
Growth expectations may be peaking as economic growth data improve.
Inflation remains weak globally, while setbacks for President Trump's agenda are driving down U.S. inflation expectations.
Federal Reserve (FED) set to tackle balance sheet reduction.
Backdrop points to range-bound rates, flat yield curve.
The Global Macro Strategy Team’s view as of 6/6/2017.
Europe, Emerging Markets Gaining as the U.S. Recovery Matures
Investors shrug off questions about policy and drive markets higher.
Recovery strengthens as some uncertainties are removed.
Stimulus supports growth, but challenges remain.
Time to move beyond reflation in favor of sustained growth.
The Global and Non-U.S. Equity Team’s view as of 6/8/2017.
Solid Earnings Continue to Drive Growth Stocks
Higher-growth companies continue to benefit from enduring tech trends.
Positives generally outweigh political rhetoric.
Restrained spending leads to mixed results for businesses catering to consumers.
U.S. Growth Equity Team’s view as of 6/5/2017.
Continuing to Find Value
Trends should bolster health care regardless of government policies.
Innovation can help offset competitive headwinds and shifting consumer preferences.
Valuations are attractive and returns on capital are poised for improvement.
European property market presents compelling fundamentals.
1The U.S. Value Equity Team’s view as of 6/8/2017.
2The Global Real Estate Team's View as of 6/8/2017.
Favoring a Disciplined, Multi-Factor Approach Because Fundamentals Drive Long-Term Equity Returns
Sharp recent outperformance by growth suggests value may be better positioned going forward.
Valuation looks appealing outside the U.S., particularly in emerging markets.
The U.S. Disciplined Equity Team’s view as of 6/15/2017.
Global Growth Is Modest as Fundamentals Improve
Stubbornly muted inflation means accommodative policies will continue.
Fundamentals improve, but growth may remain level in second half.
Delays in U.S. policy implementation driving currency fluctuations.
The Fixed Income Team’s view as of 6/8/2017.
Investor Demand for Yield Drives Spread Sector Gains
Spreads grind tighter as demand for yield prevails.
Federal Reserve (FED) eyes balance sheet cuts.
Falling breakeven rates boost relative value of TIPS.
Demand remains robust as tax-related concerns fade.
The Fixed Income Team’s view as of 6/6/2017.
Opportunities for Active Managers
Demand for income-producing investments remains strong.
The low-volatility environment remains challenging though dispersion, correlation, and rate trends are positive.
The AC Alternatives Team’s view as of 6/9/2017.
Macro Uncertainty; Micro Opportunity
We’re waiting for a clearer economic picture to emerge.
Global and non-U.S. conditions make a great case for active management, as excellent individual opportunities must be weighed against uncertain macro factors.
Our models prefer growth to value and large to small stocks.
Outlook for higher rates and inflation argues for credit-sensitive and inflation-protected bonds.
Adding inflation protection; neutral on REITs rates.
The Multi-Asset Strategies Team’s view as of 6/12/2017.
The readings in the dials above show the output of our quantitative models relative to the asset allocation portfolios’ neutral weightings.
Third Quarter 2017
The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments' portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.
Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
Generally, as interest rates rise, bond prices fall. The opposite is true when interest rates decline.
International investing involves special risks, such as political instability and currency fluctuations.
Historically, small- and/or mid-cap stocks have been more volatile than the stock of larger, more-established companies. Smaller companies may have limited resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies.
References to specific securities are for illustrative purposes only, and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered constitute our judgment and, along with other portfolio data, are subject to change without notice.
American Century Investments uses a multifactor stock-ranking model incorporating a variety of stock attributes, which fall into four categories or factor families: valuation, growth, quality, and sentiment.
Diversification does not assure a profit nor does it protect against loss of principal.
Alternative mutual funds that hold a variety of non-traditional investments also often employ more complex trading strategies than traditional mutual funds. Each of these different alternative asset classes and investment strategies have unique risks making them more suitable for investors with an above average tolerance for risk.