Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — It's the “Tat" in Tit-for-Tat Trade Wars that Should Concern Markets: We believe that, when it comes to tit-for-tat trade wars, what isn't fully discounted is the “tat"—or how the rest of the world responds to U.S. protectionism.
  
  
• Market View — Road Trip 2025: Macro Elements to Consider: Top of mind for investors is the state of the economy (the car), how evolving policies may affect it (driving styles) and external elements (i.e., the terrain and the weather).
  
  
• Thought of the Week — What Potential Immigration Policies Could Mean for Investors: Among potential effects of sweeping anti-immigration policy: fewer available workers, higher wage costs, and potential upward pressure on inflation expectations currently struggling to shake 3%.​