Can we help you find something?

Key Takeaways & Insights

After a stellar performance in 2019, equity returns should be more muted, but comfortably positive in 2020 thanks to continued earnings growth. Get more insights in our January Outlook.


  • Signs of easing trade tensions between the U.S. and China may spur business spending, which has been lagging.
  • The Fed is expected to keep rates steady for all of 2020. More importantly, the central bank will refrain from tightening until there is substantial inflationary risk. Given the Fed’s stance, monetary policy should not be a growth headwind this year.
  • After a stellar performance in 2019, equity returns should be more muted, but comfortably positive in 2020. Earnings growth should accelerate slightly, and price/earnings ratios mildly expand, as cash and fixed-income returns remain historically low.

Meet the Author

Ben Pace

Partner & Chief Investment Officer

Ben is the Chief Investment Officer and a Partner in the New York office. He leads the firm’s Investment Committee and is a member of the Executive Committee. He has more than thirty-five years of experience in investment management. Ben has been featured in the Wall Street Journal and Reuters, and is a frequent commentator on Bloomberg TV and radio, Fox TV and CNBC, appearing regularly on network programs such as Power Lunch, The Closing Bell, Squawk Box, and Worldwide Exchange.

Prior to joining Cerity Partners, Ben was Chief Investment Officer and Head of Global Investment Solutions for Deutsche Bank Private Wealth Management in the U.S. In his role as CIO, he sat on the PWM Global Investment Committee, providing input on the U.S. economy and capital markets. He oversaw the investment strategy and asset allocation for PWM clients in the U.S. As Head of Global Investment Solutions, he brought together PWM’s capital markets and investment capabilities in an effort to provide an effective and consistent experience for clients. Prior to joining Deutsche Bank in 1994, he managed equity income funds for two investment organizations. During his tenure with those institutions, he also served as a securities analyst with a particular emphasis on the financial services and healthcare industries.

He earned his Bachelor of Arts in economics from Columbia University and Master of Business Administration in finance from New York University.

Connect with Ben

Sign Up for Market & Economic Outlooks

Get the latest insights and analysis from our investment team delivered right to your inbox.