IN THIS ISSUE

• Macro Strategy- Warsh Quashes the Debasement Trade: The appointment of Federal Reserve Chair Kevin Warsh has eased debasement concerns, strengthening confidence in price stability.
  
  
• Market View - The Rotation Test:The recent broadening of U.S. Equity leadership beyond Technology is being supported by stronger earnings growth and economic resilience, though its durability will depend on whether inflation and Federal Reserve policy pressures remain contained.
  
  
• The Ticker Tape—Top Questions Answered Directly by Our Chief Investment Officer