Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Monetary Policy Unanchored: The Federal Reserve’s recent forecast errors and policy mistakes are sources of heightened economic uncertainty and financial-market volatility.
  
• Global Market View — How Europe’s Recession Will Be Transmitted to the U.S.: The odds of recession are rising in Europe, and the aftershocks will be transmitted to the U.S. via various channels.
  
• Thought of the Week — King Dollar Going From Strength To Strength: In our view, dollar strength will continue in the near term with various implications for the global economy and portfolio strategy.