IN THIS ISSUE

• Macro Strategy — Manufacturing Upcycle Broadens Earnings Growth: The environment points to a resilient mid‑cycle expansion with strong demand, improving manufacturing, tight credit spreads, and a constructive earnings outlook, even as market leadership shifts.
  
  
• Market View — Yes, the U.S. Consumer is Truly Exceptional—Here's Why: The U.S. consumer remains the dominant driver of the global economy and corporate earnings, and with low unemployment, tax cuts, and rising equity wealth, their outlook—and economic influence—remains strong.
  
  
• Thought of the Week — The 17% No One's Talking About: Despite an early fiscal‑year deficit improvement driven by stronger revenues, the U.S. is still likely to run a sizable deficit as interest costs, tax cuts, and pre‑election spending pressures persist.​