IN THIS ISSUE

• Macro Strategy — Higher Yields Tolerable, Not Recessionary: Despite rising inflation concerns from the oil shock, stable long-term yields and anchored expectations have kept risk appetite intact.
  
  
• Market View — Stock–Bond Correlations Are Shifting: What It Means for Diversification: While both asset classes remain essential to diversified portfolios, the backdrop in which they operate has shifted, particularly as inflation uncertainty has become a more dominant macro force.
  
  
• Thought of the Week — Four Stats for Five Months: Despite heavy news flow, strong earnings and Artificial Intelligence-driven gains have kept the S&P 500 resilient and hitting record highs.​