Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Credit Cycle Turning Fast: Incoming data suggest financial stress is spreading from markets primarily affected by interest rate volatility to areas impacted by deteriorating credit quality.
  
• Global Market View — Ten Key Facts about Finances of the U.S. Government: The financial anatomy of the U.S. bears close watching and monitoring by investors.
  
• Thought of the Week — Brazil's New (Former) Leader: Facing the administration of Luiz Inácio Lula da Silva (Lula) is a longer-run trend in the nation's fiscal accounts that is considered unsustainable.​