Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Mixed Economic Data Reflect The Transition To The New Economy: Stronger-than-expected consumer spending, recessionary manufacturing and housing readings, normalizing labor-market conditions and easing inflation are mixed with negative tilts in softening labor demand, Federal Reserve shifting from inflation to growth and encouraging favorable disinflation.
  
  
• Market View — What Investors Still Don't Get About the U.S. Economy: As the markets and economy chop and churn through the volatility associated with a Federal Reserve pivot on monetary policy, political uncertainty about the November election, and ever-present geopolitical risks, investors don't realize how dynamic and diverse the U.S. economy is.
  
  
• Thought of the Week — A Shaky Start to September for Stocks: As August taught us, any market turbulence will likely come up against powerful tailwinds that should continue to be a solid base for continued Equity strength.