Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Leading Indicators Still Show Slowing Growth: As unemployment rises and consumer incomes weaken, profits fall and credit spreads widen, a process that is still in the early stages.
  
• Market View — The Five Key Macro Lessons of 2023: These lessons suggest that investors maintain a balanced, disciplined and diversified approach to portfolio construction, overlaid with a core emphasis on U.S. assets.
  
• Thought of the Week — What's Going On With Small-Caps?: The prospect of higher-for-longer interest rates could put further strain on Small-caps amid higher borrowing costs.​