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Capital Market Outlook

July 6, 2020


  • Macro Strategy — Market Rewarding Reflation Beneficiaries  The aggressive monetary and fiscal response to the shutdown-induced recession has aligned the Federal Reserve's short-term need to support the economy throughout the pandemic with its long-term mandate to anchor inflation expectations around the 2% target.
  • Global Market View — The Growing Market for Hydrogen Fuel Cells   As economies around the world reopen, global growth resumes and greenhouse gas emissions recover, we expect electricity generated from hydrogen fuel cells to remain a fast-growing segment of the alternative energy mix.
  • Thought of the Week — TIPS Likely To Continue To Outperform Conventional Treasuries  We believe that a continued increase in inflation breakeven rates and Treasury Inflation-Protected Securities (TIPS) outperformance is likely over the next year if our positive economic outlook proves correct.

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