IN THIS ISSUE

• Macro Strategy — Competitive Interdependence: Taking Stock of U.S.-Sino Relations on the Eve of the Summit: U.S.–China rivalry is marked by surface-level decoupling but deep, costly economic interdependence, making trade, investment and financial ties highly sticky and raising the stakes of bilateral relations.
  
  
• Market View — Don't Mistake Market Narrowness for Weakness: U.S. Equities have rebounded narrowly since late March, but broad-based earnings growth should continue to support a bullish outlook despite volatility.
  
  
• Thought of the Week — Along the Same Distorted Lines…: Artificial Intelligence is increasingly driving market leadership, earnings and economic growth, reinforcing the importance of maintaining diversified portfolios amid narrow Equity performance and potential rotations.​