IN THIS ISSUE

• Macro Strategy — Four Factors that Make the U.S. Economy the Heavyweight of the World: The U.S. economy has proven uniquely resilient through repeated global shocks, expanded its share of global output and delivered strong Equity returns that underscore America's enduring economic strength.
  
  
• Market View — Equities Unfazed by Uncertainty: Despite elevated uncertainty, Equities have rebounded to new highs as cautious positioning, ample cash, resilient earnings and economic fundamentals have been positive news for the secular bull market.
  
  
• Thought of the Week — Small but Mighty: Why Small-Caps are Leading the Charge: Small‑cap Equities have emerged as market leaders, currently rebounding sharply to new highs on strong momentum, improved breadth, attractive valuations, and signs of a durable rotation away from mega‑cap technology.​