Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Equity Market Climbs A “Wall Of Worry" Yet Again: Although there is confidence in a “soft landing" scenario for the U.S. economy, signs of a potential recession continue to taint this otherwise rosy scenario.
  
• Market View — Interest Rate Cycles, Past and Present: We discuss how interest rates have varied through the cycle historically, where we are in the current cycle and current considerations.
  
• Thought of the Week — Is this 20% Rally Enough to Feed the Bull?: Catalysts that could break this market out of its range-bound pattern and move it into a more durable recovery are missing.