IN THIS ISSUE

• Macro Strategy — The Fourth Turning and the Federal Reserve: Significant change is likely coming to the Federal Reserve.
  
  
• Market View — Framing the Debate About U.S. Tariffs: The Good, The Bad and The Ugly: Though the level of uncertainty around tariffs has faded, sector and country level risks remain.
  
  
• Thought of the Week — What Would It Take for the Housing Market To Unfreeze?: For buyers, improvements in mortgage rates and the median price of a house sold provide increased flexibility and for homebuilders, improving data suggest an improving environment.​