IN THIS ISSUE

• Macro Strategy — Profits Cycle Update: We believe consensus earnings estimates will move lower, motivated by bouts of financial stress.
  
• Market View — Time for Higher-Quality Positioning: We emphasized our preference for high-quality positioning across the board as these areas tend to be better positioned to weather tougher economic conditions.
  
• Thought of the Week — The Beginning of the End of the Fed Tightening Cycle and Future Equity Returns: We see more constructive opportunities for Equites over the long term.