Macro Outlook: 2020 Vision

Many believe that 2020 will prove a relatively quiet year from a macro perspective. Slowing but still positive growth, central banks on the sidelines and gradual progress in the US/China trade war all point to a positive, albeit slightly boring, year. However, Lee believes that there are significant risks to this cozy outlook. Asset markets are, almost without exception, overvalued; boosted by overly loose monetary policy. However, central banks cannot keep papering over longer-term fundamental cracks forever, The law of unintended consequences limits their ability to keep the plates spinning. Lee will outline the risks for 2020 and highlight what investors should be watching most closely to avoid those all-important tail risks.  

Profile:
Lee Ferridge is a senior managing director and the North American head of Multi-Asset Strategy for State Street Global Markets. Mr. Ferridge and his team formulate foreign exchange, fixed income and equity market views for State Street’s range of clients using unique proprietary flow indicators. Originally from the UK, he is now based permanently in Boston.

Lee joined State Street in February 2008 and in addition to more than 15 years of experience as a macro strategist; he has also worked as a proprietary trader. Lee has a Bachelor of Science degree in economics and business economics and a master’s degree in quantitative finance. He is a frequent commentator in the financial press — both written and TV — and has written articles for numerous industry publications. State Street has been ranked first for Flow research for twelve consecutive years by Euromoney magazine and in 2018 Lee and his team were voted first for macro strategy research.