IN THIS ISSUE

• Macro Strategy – Waiting for the Fed's New Reaction Function: Uncertainty around the Federal Reserve’s evolving policy framework may keep rate markets guessing, while strong economic growth and rising corporate profits continue to support record-high global Equities.
  
  
• Market View – Market Snippets: The Yen, U.S. Equity Culture and Hyperscalers’ Finances: Yen support, strong U.S. Equity ownership, and rising Artificial Intelligence investment continue to shape market trends.
  
  
• Thought of the Week – A Constructive Reset: Despite summer volatility, broader market participation improved and record highs suggest the market's foundation has strengthened.