IN THIS ISSUE

• Macro Strategy — The Fourth Turning and Artificial Intelligence (AI): As more and more earnings are generated by the application of AI to economic value creation, companies leading this charge are being rewarded with higher valuations.
  
  
• Market View — Amid the Shifting Global Trade Landscape, Here Are 3 Realities That Haven't Changed: While the global trading regime is shifting, investors should also be attuned to what hasn't changed: dependency on China for strategic minerals; trade deficit; and China is still an export-led economy. Each of these realities has important implications for the U.S. and global economy.
  
  
• Thought of the Week — Done Deal on a Fed Rate Cut?: Signs of labor market cooling and developing internal pressure to ease policy at the Federal Reserve have likely contributed to the recent rise in interest rate expectations.​