Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — The Ghosts of August: What’s Spooking the Markets And Where Do We Go From Here?: A number of variables have converged to spook the markets in August, with concerns of: the Federal Reserve behind the curve in cutting rates; U.S./Chinese consumers pulling back, damaging growth prospects; the unwind of Artificial Intelligence; Japan yen carry trade unwind; tight U.S. election, and repercussions related to Middle East instability.
  
  
• Market View — Three Investment Takeaways from the Market’s Summer Shake-Up: July was a wild ride for equity markets and serves as an opportunity to reflect on the core principles of investing, especially considering our view that the potential for episodic volatility is likely to persist for the remainder of the year.
  
  
• Thought of the Week — Is the Muni Tax Exemption in Jeopardy: The federal fiscal deficit and sunsetting provisions of the 2017 Tax Cuts and Jobs Act could cause Congress to reconsider many tax expenditures within the U.S. tax code, possibly including the municipal bond tax exemption.