Roberts Nash Advisory Group

The Second Longest U.S. Cycle on Record

Stefane Marion, Chief Economist

At this juncture, we take comfort from the fact that the yield curve remains steep despite a positive output gap. We are nowhere near inversion, a powerful signal of an incoming downturn. This bodes well for growth over the coming year. So unless a policy mistake happens soon, the current business cycle is on track to become the longest on record.

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** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **

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