Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — The Fed Pivot Reignites Growth and Inflation: Upside employment and inflation surprises reinforce the view that monetary policy may not be nearly as restrictive as presumed.
  
  
• Market View — Consumer Check-In: Tailwinds Overpower Headwinds: While factors like elevated inflation, higher debt balances and lower savings are working against consumers, their strength remains underpinned by a tight labor market, solid wage gains, elevated net worth and stronger confidence.
  
  
• Thought of the Week — Made (Too Much) in China—Is the World on a Collision Course with China?: China has turned to a “new" growth model that sounds very familiar: manufacturing, with an eye on exports.