Though the fun of the World Cup soccer tournament is over, the summer of 2018 continues — with some issues heating up. Federal Reserve Chairman Jerome Powell recently told Congress that protectionism and trade tensions, being advocated by President Donald Trump and others, can hurt economic growth and even undermine wages.
Interest rates have been rising, quantitative tightening has started, the yield curve is sending signals, and the budget deficit is growing. According to DoubleLine Capital CEO Jeffrey Gundlach, such developments point to the economy “getting closer to a recession,” he said in a recent Barron’s interview, adding that it is 2019 (not 2018) that has become “more problematic.”
On the editorial front, Investment Advisor proudly hosted its Broker-Dealers of the Year 2018 roundtable of executives in July. Expect a full discussion of market issues, technology, regulatory and compliance topics, and more in our September issue.
As Washington Bureau Chief Melanie Waddell explains in Washington Watch, the Securities and Exchange Commission planned to wrap up its comment period for the advice standards package on Aug. 7. We hope to share more on this process with you in the months ahead. Waddell also highlights the career of Eszylfie Taylor, an advisor to the stars, in her Playing Field column. Taylor has taken on the cause of financial literacy, a challenge for many individuals across the wealth spectrum.
Meanwhile, Jamie Green highlights the career of Megan Gorman, an attorney and tax specialist. Gorman works with a diverse staff team that, she says, reflects who her clients are. She also shares stories about her celebrity clients online, so others can learn from these financial lessons.