Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Tariffs, As Discussed By the New Administration, Appear To Be A Part of a Bigger Plan: Tariff reform may be just the initial stage of a major effort to update the global trade and financial architecture to better reflect a multipolar global economy.
  
  
• Market View — What Comes After the Market Correction?: A sustained broadening of equity market performance will be necessary to support a more durable bull market uptrend.
  
  
• Thought of the Week — Now Weighing on the Federal Budget Deficit: Guns and Butter… and Bills: Faced with surging net interest payments, aging demographics, rising healthcare costs and geopolitical fragmentation, outlays devoted to guns, butter and bills are likely headed higher from here.​