Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Consensus Sees Stronger Growth: The growing probability that the economy has begun to reaccelerate is making the outlook for monetary easing less certain.
  
  
• Market View — That Y2K Feeling is Back, But It's Political This Time?: In anticipation of the November vote, we see a world rethinking security arrangements with the U.S. and boosting defense spending and hear businesses recasting and reexamining their global supply chains given uncertain trade dynamics.
  
  
• Thought of the Week — The Liquidity Pivot: Investors need to watch both rates and liquidity and their interplay as lower rates will also change bank liquidity decisions.