In 2020, we see a slightly better economic growth environment but modest capital market returns relative to the stellar gains of 2019. The global economy and markets will take two steps forward as stimulus measures lead to firming global growth, but policy uncertainty will cause markets to periodically take a step back. The U.S. election will come into focus, and markets will ebb and flow with the changing dynamics of the race. Equities should outperform fixed income. The push and pull interest rate environments is set to continue.