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Capital Market Outlook

August 21, 2023


  • Macro Strategy — The Message in the Bear Steepening: The recent big fiscal boost is at odds with monetary policy trying to cool an overheated labor market.
  • Market View — Soft Landings and Hard Data: Many are becoming more comfortable with a potential soft landing in 2024 and also expect short-term rates to peak shortly.
  • Thought of the Week — There's a Bear Market in New Neighbors: House keys are turning over at the lowest rate in a decade.

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