IN THIS ISSUE

• Macro Strategy — Structural Changes Raise the Floor Under U.S. Growth: Risk‑asset prospects remain strong as productivity, growth, and earnings continue to exceed expectations, tilting risks to the upside despite ongoing policy uncertainty.
  
  
• Market View — Double Speak: Despite Talking About De-Dollarization, the World Keeps Buying U.S. Assets: Foreign demand for U.S. assets remains strong, as investors continue buying American securities despite talk of de‑dollarization and policy uncertainty.
  
  
• Thought of the Week — The Party Isn't Over: Putting this Bull in Perspective: We believe U.S. Equities still have room to run, as strong growth, rising productivity, and record‑high profit margins point to continued bullish momentum despite elevated valuations and recent gains.​