Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Unprecedented Pandemic Liquidity Still Suppressing Credit Spreads: Nonfinancial business sector outstanding debt appears less rate-sensitive than in the past while smaller, non-listed companies became less leveraged.
  
• Market View — What Could It Take to Finally Love This Bull Market?: It may just take a combination of conditions falling into place for stocks to build out a more sustainable move up and for this bull market to finally garner some love.
  
• Thought of the Week — Why the Relative Tranquility About Oil Prices?: The anomaly reflects in part deflation in China, stagflation in Europe, and most notably the emergence of the U.S. as an energy superpower.