Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — A Tale Of Two Worlds: Ample energy supply and stable oil prices should support global growth in 2025 and the profits outlook, a positive for risk assets.
  
  
• Market View — Channeling the Great Philosopher Mike Tyson—"Get Ready for Some Punches”: We are on watch for the effect of incoming policy on inflation, the risk of rising tit-for-tat U.S.-China trade restrictions, the pace of Artificial Intelligence adoption in the real economy, and an uncomfortably high federal budget deficit.
  
  
• Thought of the Week — The State of Sustainable Investing in an Asset-Light Era: We review several sustainable drivers of economic growth that intersect with our themes.