Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Why U.S. Equity Markets Are Less Volatile During Periods of Elevated Global Conflict: In short, volatility is lower because markets are pricing in a lower probability of a U.S. recession.
  
  
• Market View — Emerging Markets and the Fed Hiking Cycle: The Dog That Didn't Bark: One of the major market trends of recent years has been relative resilience of Emerging Market currencies.
  
  
• Thought of the Week — Tracking the AI Boom: While the power of Artificial Intelligence is not new, the latest advancements have investors calling it the advent of the next technological revolution.