A Decade of Headwinds

These headwinds will persist for the next decade or two.

The stock market is rallying hard after a brutal sell-off–not an uncommon occurrence. As we savor our winnings in the ship’s first-class casino, it’s not a bad idea to step out onto the deck and gauge the weather.

There are headwinds. Not zephyrs, not gusts, just steady, strong headwinds.

1. Presidents Trump and Xi view each other an as existential challenge to the future prosperity of the nation they lead. Neither can afford to lose face ...