Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Insourcing: One Race Where the U.S. Leads China: Contrary to the popular narrative, the U.S. remains the top destination for foreign direct investment.
  
• Global Market View — Applying A Total-Return Mindset To Portfolios: In our view, conditions are coming together as we transition to 2023 for forward returns to improve.
  
• Thought of the Week — “Stealth QT"—Quantitative Tightening Effectively Started Before It Officially Started: Even though quantitative tightening only began in June and started running at full speed in September, bank reserves have been draining since December of 2021.