IN THIS ISSUE

• Macro Strategy — Inflation Set to Surprise to the Downside After Peaking this Year:  If the Federal Reserve sticks to its current schedule for quantitative tightening, we believe inflation is likely to peak in 2022 with a recession probably to follow in 2023.
  
• Global Market View — The I.C.E. is Cracking: Global Recessionary Risks are Rising: Global markets continue to be hampered by three seismic challenges simultaneously, requiring investor patience and focus on high-quality assets as we work through the end of the year.
  
• Thought of the Week — Are Equities Cheap?: Earnings uncertainty, tighter monetary policy and rising real yields may present a few more tailwinds for valuations to potentially shift lower in the months ahead.