Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Slow Global Expansion Likely to Continue: Leading indicators and easing global central bank policies point to the slow global expansion gaining traction in the second half of 2024 and 2025.
  
  
• Market View — Thinking Longer-Term: We See Continued Upside for U.S. Equities: We see the foundation for further secular bull market growth coming together with forces from a new technological revolution and favorable investor trends.
  
  
• Thought of the Week — Despite Robust Global Defense Spending, Outlays are Still Too Low and Headed Higher: Unless the doves of peace suddenly appear on the horizon, global defense spending is likely headed higher.​