Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Elevated Inflation Uncertainty A Persistent Headwind To Growth: A shock to uncertainty is estimated to have a significant negative effect on real economic variables.
  
• Market View — The Era Of Low Borrowing Costs May Be Over—But The Impact Of Near Zero Interest Rate Policies Is Here For Years To Come: The bite of higher interest rates is just beginning to be felt across private and public debt markets.
  
• Thought of the Week — No Government Shutdown but Still Maintaining a Wary Eye on Washington: While a U.S. government shutdown has been avoided for now, what's not avoidable is the challenging finances of the U.S. government.