Chris Hyzy, CIO of Merrill and Bank of America Private Bank, joins Jeffrey Sherman and Sam Lau on the Sherman Show. Mr. Hyzy discusses private banking, his team’s investment process, their approach to goals-based asset allocation, the management of risk, and timely market themes. The latter include his cautious outlook for the U.S. consumer, based in part on expectations of job growth and a strengthening housing market. Mr. Hyzy takes issue with those who believe central-bank monetary policy has reached the point of “pushing on a string.” In his view, the world’s central banks still “have many tools to reflate the economy,” not the least being the power of messaging. As for areas of concern, he foresees the U.S.-China trade war, which is actually a technology war, represents a long-term, strategic change, and he doubts a material negotiated deal will emerge soon. A comprehensive trade agreement with China, however, is not necessary for sustained economic growth. Rather, business leaders need clarity on the trade situation in order to manage around it. This episode of the Sherman Show was recorded on September 18, 2019.
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