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Capital Market Outlook

January 23, 2023


  • Macro Strategy — Treasury Offsetting QT Until Mid-Year: The looming debt ceiling crisis is pressuring the U.S. Treasury to drain money from its account at the Federal Reserve, adding reserves to the banking system and easing financial conditions until mid-year.
  • Market View — 10 Questions on the Outlook for International Markets in 2023: After a strong finish to 2022, International Equities are off to a strong start in 2023, with most major markets outpacing the U.S. so far.
  • Thought of the Week — Watch List Alert: Small-Caps: While headwinds from a possible recession to higher interest rates persist in the near term for the size segment, the backdrop could turn more favorable for Small-caps once the market bottom forms.

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