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Outlook 2018: Return of the Business Cycle

Outlook 2018: Return of the Business Cycle

| December 20, 2017

Presenting the LPL Research Outlook 2018: Return of the Business Cycle, packed with investment insights
and market analysis to guide you through all the action we may see in the year ahead.
“Return of the business cycle” refers to a return to the traditional forces that have historically propelled
the economic cycle forward. Instead of relying on central bank intervention and accommodative
monetary policy, we’re turning to some new lead characters to take charge: fiscal policy and better
business fundamentals. Fiscal policy means increased government spending, tax cuts, and some
regulatory relief. We need Congress to enact some policies to help keep this expansion going. As far as
business fundamentals, we expect to see improvement in revenue, earnings, and future growth
Increased business spending is also expected to play an important supporting role for the U.S. economy,
and could see a faster growth trajectory in 2018. For stocks to potentially reach attractive gains,
earnings growth will be a key driver. Better global growth is supportive of earnings, and tax reform has
the potential to provide an additional boost. All of these factors, and more, will be important to watch in
We have experienced a fundamental shift in what’s driving the economic cycle. Businesses and investors
may be well positioned to benefit from this new dynamic. The LPL Research Outlook 2018: Return of the
Business Cycle highlights the opportunities and potential challenges that may lie ahead for market
participants. This guidance and investment insight can benefit investors in their search for long-term
success. Download your copy today!

Past performance is no guarantee of future results.
The opinions voiced in this material are for general information only and are not intended to provide or be construed as
providing specific investment advice or recommendations for any individual security.
The economic forecasts set forth in the presentation may not develop as predicted.
This research material has been prepared by LPL Financial LLC.
To the extent you are receiving investment advice from a separately registered independent investment advisor, please note
that LPL Financial LLC is not an affiliate of and makes no representation with respect to such entity.
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Securities and Advisory services offered through LPL Financial LLC, a Registered Investment Advisor Member FINRA/SIPC