Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — No Rush: The market concluded that inflation will be higher-for-longer, which is supportive of profits and risk-assets as long as the Federal Reserve is in no rush to bring inflation lower.
  
• Market View — Is the Debt Wall Scalable?: The indebted levels of corporate America, consumers and the government could be unsustainable.
  
• Thought of the Week — How I Learned to Stop Worrying and Love the Bonds: The risk-reward is more favorable for bond investors, in our opinion.