Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Downside Risks Remain: Underwhelming economic data have continued to sap confidence in the longevity of the current expansion.
  
• Global Market View — What the Markets May Not Be Pricing In?: We highlight a few possible scenarios that the markets may not be fully factoring into prices.
  
• Thought of the Week — What Type of Recovery Shape for Global Consumer Confidence: “V" or “U"?: Raging inflation, Ukraine crisis, supply chain bottlenecks, the pandemic—all of these variables have converged to undermine one of the most important drivers of global growth.