Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Data Still Mixed, But With A Negative Tilt: Interest rate hike commentary and the preponderance of incoming data continue to indicate a rapidly cooling economy leading into an eventual inflation- and Federal Reserve-induced recession.
  
• Global Market View — The Consumer Is Still Strong, But Headwinds Are Building: Key supports are weakening as factors that are favorable for the consumer are being overshadowed by factors that call for getting cautious.
  
• Thought of the Week — The Great Wall Of Pain If China “Closes": Should China separate from the rest of the world, the consequences would be much greater than Russia's divorce from the mainstream global economy.​