Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Will All The Cyclical Red Flags Prove Wrong About A Coming Recession?: Forward-looking indicators show momentum is still fading as the effect of higher interest rates squeezes demand.
  
• Market View — Midyear Market Observations: Uncovering the developing trends under the surface of market conditions may help in monitoring the next stage of the market cycle.
  
• Thought of the Week — Student Loan Repayments Could Present Modest Headwinds: We see several mitigating factors that could make it less of a headwind to the U.S. economy than many expect.