IN THIS ISSUE

• Macro Strategy — About the U.S. Federal Budget Deficit, Intrayear Market Drawdowns and China Trade: Investors should view U.S. deficits as manageable, expect routine market drawdowns as part of long-term gains, and see China's trade surplus reinforcing a more protectionist, capital expenditure-driven global backdrop.
  
  
• Market View — The AI Bubble Debate: Artificial Intelligence (AI)-driven rally is not necessarily a bubble but a multi-year structural shift with uncertain timing, so investors should stay diversified and disciplined rather than try to predict outcomes.
  
  
• Thought of the Week — Game On: Keeping Consumer Financial Health In Check: Strong experiential demand is keeping consumer spending resilient despite higher gas costs, with solid underlying demand and rising credit use not yet derailing the consumer.​