Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Soft Landing in Progress?: Upside earnings revisions have continued to rise relative to downside revisions, bolstering global profits expectations and the case for risk assets.
  
  
• Market View — Pessimism Sells, But Optimism Pays: Ten Reasons for Optimism on America's Birthday: The nation confronts serious challenges at home and overseas, but taking the long view, and after accounting for the multiple structural strengths of the U.S., we believe that the glass is half full.
  
  
• Thought of the Week — Stock Splits in the Spotlight: An uptick in stock split announcements could potentially act as another tailwind for Equities this year.