IN THIS ISSUE

• Macro Strategy – Moderate Growth, Broadening Opportunities: Despite concerns over debt issuance and Treasury demand, resilient growth, stable inflation, narrow credit spreads, and healthy fundamentals support continued outperformance of cyclical assets.
  
  
• Market View – Taking Stock of the End of Capital Abundance: A shift from abundant to competitive capital is likely to keep real interest rates higher and favor capital-intensive sectors such as Artificial Intelligence infrastructure, defense, power generation, and industrial automation.
  
  
• The Ticker Tape – Top Questions Answered Directly by Our Chief Investment Officer (CIO).