IN THIS ISSUE

• Macro Strategy — More Inflation, Less Growth: The economic forecasting community continues to mark down its growth estimates while raising the outlook for inflation.
  
• Global Market View — We Are 25% Through The Decade—What Lessons Have We Learned From The 2020s?: The 2020s has been filled with market-moving events—pandemic, military conflicts, multidecade highs in terms of inflation.
  
• Thought of the Week — Peak Paper Risk: The decay in wealth portends weaker consumer spending levels in the near term.