IN THIS ISSUE

• Macro Strategy — Markets Give Debt Sustainability the Benefit of the Doubt: Growing government debt suggests upside pressures on interest rates. Strategies aligned with business investment and productivity-led growth, rather than government spending and abnormally low interest rates are likely to benefit.
  
  
• Market View — International Equity Markets: Four Features to Follow: We examine some of the key features of non-U.S. markets, which could be important return drivers over the remainder of the year.
  
  
• Thought of the Week — Overcoming Equity Sticker Shock: Putting dry powder to work when equity prices are near historic highs can feel intimidating, but avoiding Equities altogether due to their hefty price tag could lead to missed opportunities for returns.