Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Message in the Yield Curve: The front of the yield curve has steepened, putting more strains on the economy.
  
• Market View — 2023: A Midyear Market Assessment: We review what has been a strong start to the year for global Equity markets and identify some of the key trends that could determine market direction going into the second half.
  
• Thought of the Week — Who's Hiring?: We continue to expect job growth to slow in the back half of the year as a deteriorating profits cycle forces firms to take more aggressive cost-cutting measures to support margins.