Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — How Long Do Economic Expansions Last During High Inflation Periods?: The historical data on high inflation periods are consistent with our view that this expansion could be running out of steam.
  
• Market View — Some Counterfactuals to the Deglobalization Debate: Key metrics of globalization suggest Corporate America is becoming more embedded globally, not less.
  
• Thought of the Week — Concerns of Failed Bank Auctions Repricing MBS Exaggerated: There have been widespread concerns in the agency mortgage-backed securities (MBS) market due to recent bank failures.