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Key Takeaways & Insights

Intensifying trade tensions with China and the threat of U.S tariffs on Mexican goods made for a bumpy ride in May. Check out our June Monthly Outlook for more market insights.


  • The intensifying trade war with China and the threat of U.S. tariffs on Mexican imports may negatively impact U.S. and global GDP growth through year-end.
  • The European Central Bank likely won’t raise rates until the middle of next year at the earliest. Targeted lending to banks appears to be the preferred option if economic growth falters.
  • Municipal bonds remain attractive at the longer end of the yield curve. However, the recent decline in rates makes longer maturities more vulnerable to a rebound in yields should the U.S. economy stay reasonably healthy.

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.

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