VANGUARD’S 2017 ECONOMIC AND MARKET OUTLOOK

Stabilization, not stagnation: Expect modest returns

We’ve seen only a modest global recovery – at time frustratingly fragile – since the global financial crisis. In the United States, for example, the economy has grown at an average annual rate of about 2.00% whereas growth since 1950 has averaged an annual rate of 3.25%. Based on market and economic conditions, our outlook for the equity and the fixed income markets is the most guarded it has been in ten years.

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