IN THIS ISSUE

• Macro Strategy — Incoming Data Generally Softer But Not Recessionary: Incoming indicators have mostly remained above recessionary levels with inflation cooling off.
  
• Market View — COP28 and the Green Transition: With global emissions still rising, more is clearly needed to avert the most damaging effects of climate change.
  
• Thought of the Week — What Happens When the Fed Cuts?: We find that nothing is typical for Equities after the first cut and that performance is largely dependent on the state of the economy at the time.​