It was a good year for the U.S. economy and broad financial markets in 2019. The S&P 500 generated a 31.5% return, a performance second only to 2013 (32.4%) over the last 20 years. Making the year more unique was the fact that broad fixed income also performed well on both a gross and net basis (i.e., non-directional trading). The ICE BofAML US Broad Market Index posted an 8.9% gross return for 2019, the highest since 2002, and the index bested duration-matched Treasuries by 1.98%, the third best year in the post-crisis era. We’ll take a deeper look at fixed income in the Performance Update included below.

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