IN THIS ISSUE

• Macro Strategy — Kevin Warsh and the End of Global Capital Abundance: In a world of tighter capital, deglobalization, and strong borrowing demand, structurally higher interest rates are likely to favor disciplined companies and economically stronger nations such as the U.S.
  
  
• Market View — The Road to 2027: Five Questions (and Answers) for the Second Half: Despite a turbulent first half, strong earnings growth, ongoing market rotation, resilient capital spending, easing inflation, and Artificial Intelligence-driven investment support a constructive outlook for Equities in the second half of 2026.
  
  
• The Ticker Tape — Top Questions Answered Directly by Our Chief Investment Officer.​