City National Rochdale CIO Expects Secular Strength of U.S. Economy to Offset Global Pressures

Apr 07, 2022

NEW YORK — City National Rochdale (CNR), investment management subsidiary of City National Bank, hosted its first 2022 in-person Financial Advisor Summit, in Trumbull, CT. The session, led by CNR’s senior managing director and head of sales, Peter Green, brought together prominent local financial advisors along with key leaders of the firm’s investment team for a deep dive on the economy and markets.

Tom Galvin, CNR’s chief investment officer, shared his belief that key fundamentals point to the ability of the U.S. economy to withstand the various global pressures stemming from inflation as well as the war in Ukraine. 

“City National Rochdale believes the secular strength in the U.S. economy will offset cyclical pressures from rising inflation and the Ukrainian crisis,” explained Galvin. “We remain overweight in high-quality equities in the U.S. selling at reasonable valuations with above-average prospects for earnings and dividend growth. We remain significantly underweight in European equities as recession risk in Europe has risen meaningfully.”

CNR’s managing director and co-head of fixed income, Charles Luke, added, “Rates have increased rapidly, but we believe we’ll see lower than expected inflation. Demand for U.S. dollars and low global yields will balance concern over Federal Reserve rate hikes, stabilizing 10-year yields.” Looking ahead to his predictions for the year, Luke stated, “We expect to end the year at 2.5%. We're also watching curve inversion closely, but we believe the steepness of real yields — Treasury yields adjusted for inflation — is more relevant when it comes to future economic growth.”

Speaking about the success of the summit, Green said: “We were pleased with the high quality of attendees which included many seasoned financial advisors responsible for managing billions in client assets.”

CNR has more than 20 Advisor Summits planned nationwide for 2022. These sessions provide local financial advisors with the firm’s latest insights on the state of the markets and economy as well as suggestions for how best to best position client portfolios to help meet each client’s unique set of goals. 

For additional information about City National Rochdale, please visit

About City National Rochdale

For more than 30 years, City National Rochdale has specialized in intelligently personalized portfolio management for high-net worth individuals, families, and institutions, and provides clients with service that relates all investment decisions to each client’s personal benchmark. City National Rochdale, headquartered in Beverly Hills and New York City with offices around the country, currently manages over $56.7 billion in assets (as of 1/31/2022) and is a wholly owned subsidiary of City National Bank. City National Rochdale is an affiliate of City National Bank, which is a subsidiary of Royal Bank of Canada. For more information, visit

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