Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Staying the Course: Slower midcycle U.S. growth along with domestic/global policy and economic adjustments argue for patience, discipline and portfolio diversification, including into overseas Equities.
  
  
• Market View — Amid the Chop and Churn of the Markets, 10 Reasons for U.S. Optimism: While market volatility and policy uncertainty remain elevated, we urge investors to focus on fundamentals and remember the long view: The U.S. is the most diverse and resilient economy in the world.
  
  
• Thought of the Week — Is the Muni Tax Exemption at Risk?: We believe the muni tax exemption will remain largely intact, although it is possible that private activity bond issuers could lose their ability to issue new tax-exempt debt.​