Key issues

US: end of cycle and long-term outlook

Good outlook for the US economy, with the permission of investment

• The US economy continues to grow at a steady pace, although business investment has shown a marked slowdown in 2019. • For the time being, this slowdown should not be cause for concern, since it is occurring after a period of strong growth spurred by the tax reform of 2017. • In addition, the strength of the labour market, the negotiations currently underway with China and the Fed’s accommodative shift will favour the continuity of the expansion in 2020. Since last July, the US has been in the longest...