Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Consensus Keeps Underestimating Growth and Inflation: A spreading of global growth to the rest of the world is positive for Equity markets outside the U.S. as well as for those inside the U.S.
  
  
• Market View — As the World and Markets Turn, Stay Focused on the Trends, not the Headlines: Fundamentals drive markets, not headlines. While it's still early in the year, we see a number of positive forces unfolding at home and overseas.
  
  
• Thought of the Week — The Duck Market: Calm on the Surface, Unsettled Below: There’s been heightened single stock volatility relative to index level volatility this year, reflecting a high return dispersion environment.