Bob Doll, chief equity strategist and senior portfolio manager of Nuveen Asset Management, has released his annual “2014 Ten Predictions,” which takes a look at the trends and issues he believes will shape the New Year. Doll’s predictions are:

1.  The U.S. economy grows 3 percent as housing starts surpass one million and private employment hits an all-time high.

2.  10-year Treasury yields move toward 3.5 percent as the Federal Reserve completes tapering and holds short-term rate near zero.

3.   U.S. equities record another good year despite enduring a 10-percent correction.

4.   Cyclical stocks outperform defensive stocks.

5.   Dividends, stock buybacks, Cap-ex, and M&A all increase at a double-digit rate.

6.   The U.S. dollar appreciates as U.S. energy and manufacturing trends continue to improve.

7.   Gold falls for the second year and commodity prices languish.

8.   Municipal bonds, led by high-yield, outperform taxable-bond counterparts.

9.   Active managers outperform index funds.

10. Republicans increase their lead in the House but fall short of capturing the Senate.