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Key Takeaways & Insights

An awakening housing market could boost a slow but steady U.S. economy. Get more insights in our October Market Outlook.


  • Strong retail sales over the past few months have helped fuel economic growth. The housing sector may provide an added boost as lower rates and greater affordability drive more first-time buyers into the market.
  • One more 0.25% (25 basis points) rate cut is anticipated by year-end, which would lower the Fed Funds rate to the 1.50%-1.75% range. After that, the Fed is expected to hold rates steady, given the forecast for 2.0% GDP growth.
  • The inverted Treasury yield curve from three months to 10 years should resolve itself through one more rate cut and the 10-year Treasury yield drifting up towards 2% on the back of 2% GDP growth and a slight uptick in core inflation.

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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