Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Republican Sweep. Now What?: The U.S. fiscal and monetary policy impulse was already positive heading into the election, and the Republican sweep provides a path to an amplified policy impulse unless the Federal Reserve and long-term interest rates say otherwise.
  
  
• Market View — Three Inconvenient Truths Confronting the Next Administration and the Markets: While we believe there are factors supportive of a grind higher in U.S. Equities, it's not all clear sailing for the markets. We explain why.
  
  
• Thought of the Week — Hyperscalers are Driving the Artificial Intelligence Arms Race: The Artificial Intelligence buildout will likely be expansive and expensive—whether land development, data center construction, or the electrification and Information Technology infrastructure equipment​