What might 2019 hold for global financial markets? In its annual economic and investment outlook, Vanguard Investment Strategy Group outlines its expectations for the year ahead. Although several factors will raise the risk of recession, a slowdown in growth—led by the U.S. and China—with periodic “growth scares” is the most likely outcome. In short, economic growth should shift down but not out. Vanguard’s outlook for global stocks and bonds is subdued, yet modestly higher than at this time last year.