Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Consensus Pushes Out Recession: Forecasters have pushed their recession call into early 2024, raising the risks of a more protracted slowdown before the next cyclical upswing.
  
• Market View — The Shifting Summer Narrative: A new market narrative has developed as the dust settles and the Q2 earnings season begins.
  
• Thought of the Week — What's In Your Portfolio? Long-term Returns of Key Asset Classes: We believe we are on the cusp of a new cycle with the potential for upside market returns, underpinned by the accelerating adoption of generative artificial intelligence and other innovation-resulting activities.​