Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Treasurys at the Epicenter of Brewing Financial Market Stress: Rising risks to financial stability have caused the Federal Reserve to signal a slowing of and potential pause to rate hikes in the first half of 2023.
  
• Global Market View — Where Have All the Workers Gone?: The U.S. economy confronts a structural worker deficit with macro and micro implications only accelerating the substitution of labor for capital.
  
• Thought of the Week — Bear Market Not Spooked Just Yet: The equity market will likely see more volatility to come.