According to the experts at Vanguard, the U.S. economy continues to grow at a modest pace.

In the following video, Chief Economist for the Americas Roger Aliaga-Díaz and Senior Investment Strategist Andrew J. Patterson discuss their expectations for the economy as we head into 2017 and what that means for investors.

“We have a lot of conversations with clients, both at home and abroad, to try to prepare them for the idea of our guarded-return outlook going forward,” said Patterson. “For those clients who may have become accustomed to seven, eight, nine percent from their 60-40 balance portfolio in the past, we don’t necessarily believe those same types of returns are in the cards.

“It’s sometimes a difficult story to tell, but we think a very important one because clients need to make the most informed decisions that they can.”