Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Reshoring: Some Inconvenient Truths and Unintended Consequences: Simply put, America needs more workers, a more secure and reliable source of metals/minerals, steadfast trading partners, the avoidance of a global subsidy war, improving relations with China, and greater supply chain diversification as opposed to concentration.
  
• Market View — How Might El Nino Affect Global Markets?: The El Nino phenomenon could exacerbate higher global temperature increases on a cyclical basis later this year.
  
• Thought of the Week — The Lopsided Bull is Standing On All Legs Now: Investors should continue to monitor possible headwinds that could leave the market vulnerable to potential volatility ahead.