IN THIS ISSUE

• Macro Strategy — QT Kicks into Second Gear:  Financial conditions are likely to remain under pressure as the Federal Reserve's quantitative tightening (QT) program kicks into a higher gear.
  
• Global Market View — Another Billion: The Geography of Demography: The world's population is expanding at its slowest pace since 1950.
  
• Thought of the Week — The Investment Case for Gender Equality: The advancement of women represents one of the most powerful forces shaping financial markets, economic growth and corporate earnings.