Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Thoughts on a 5% World: The new approach to policy makes it more likely that nominal gross domestic product growth and inflation will average higher in the decade ahead than they did in the decade before the pandemic.
  
• Market View — Late Summer Markets in Review: Before investors declare an inflection point in markets, there may be some important nuances to the latest moves to consider first.
  
• Thought of the Week — The Bull Market in Global Subsidies Deserves Special Watching: Big government is back in the business of business, with China and the U.S. leading the global way when it comes to doling out state subsidies.​