IN THIS ISSUE

• Macro Strategy – Wading Through the Data: The Fed's Rate-hike Conundrum: Rebounding oil prices, Middle East tensions, and heavy bond issuance have kept upward pressure on long-term interest rates.
  
  
• Market View – Sounding the Arsenal Alarm: Despite premium valuations, aerospace and defense potential opportunities are expanding across public and private markets as global rearmament and defense modernization accelerate.
  
  
• Thought of the Week – Top Questions Answered Directly by Our Chief Investment Officer (CIO).