Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Risk Monitor: A Clash of Outlooks: We review the dynamic running tally of the tailwinds, headwinds and risks facing the investment outlook.
  
• Market View — When Will Bad News Be Bad News Again?: We see a number of scenarios that could develop over the next several months that may alter the way economic data is interpreted.
  
• Thought of the Week — Consumer Spending Running Out Of Fuel: Several factors suggest that vigilance over the sustainability of this consumer spending rebound and its future support for the economy may be warranted.