Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Data Reinforce The Case For Only Gradual Fed Easing: The Federal Reserve's September rate cut is likely to be more about fine-tuning policy rather than about battling recessionary forces.
  
  
• Market View — The Bull Market Turns Two: Strong support from factors like corporate earnings expansion, moderating inflation and easier monetary policy, a stable consumer, and a resilient labor market should help Equities climb the wall of worry moving forward.
  
  
• Thought of the Week — Generative AI: It's Not Just About Mega-Cap Tech: Higher electricity demand supports greater investment in power generation, transmission and distribution—all of which provides a positive backdrop for industrial commodities and the Utilities sector.