IN THIS ISSUE

• Macro Strategy — Resilient: We look at some of the macro-level sources of resilience for the S&P 500 and the likelihood they persist.
  
• Market View — A Refresher for the Next Phase of Inflation: We explore the fundamentals of inflation as we think about how to approach portfolio strategy during the next phase.
  
• Thought of the Week — The Israel-Hamas War: What Might an Extended Conflict Mean for Global Markets?: We expect the bulk of the economic fallout to stay confined for now.