Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Housing Stocks: Bear Market Rally Or A New Bull Market?: While there are positive fundamentals for the Housing sector longer term, we suspect another leg lower is likely in a recession.
  
• Market View — Still the King: Ten Questions & Answers on U.S. Dollar Hegemony: Factors could weigh on the dollar's attractiveness in the near term but over the long term, the world is glacially moving towards a multireserve currency world, with the dollar first among lesser equals.
  
• Thought of the Week — An Update on Small Business – Optimism Fading: Headwinds are intensifying for small businesses in light of recent macroeconomic volatility.