IN THIS ISSUE

• Macro Strategy — Consumers Feel One Way, but Spend Another: Despite persistent consumer caution, spending remains resilient, supported by a broadening labor market, healthy household finances and ongoing wealth effects.
  
  
• Market View — The Bull Market Turns Four: Despite recurring economic, policy and geopolitical shocks, we believe strong earnings and Artificial Intelligence-driven productivity gains may continue to support Equities into 2027.
  
  
• The Ticker Tape — Top Questions Answered Directly by Our Chief Investment Officer (CIO).