IN THIS ISSUE

• Macro Strategy — Recession Odds Drop: Economists are scrambling to revise their forecasts for a recession that now seems much less likely.
  
  
• Market View — How Much is the Spike in Global Brand Nationalism a Risk to U.S. Global Brand Leaders?: Geopolitical tensions often trigger bouts of brand nationalism, and we expect that this round of backlash against U.S. brands too shall pass.
  
  
• Thought of the Week — Small Business Outlook—A Big Deal: The evolution of the small business outlook matters, given its weight in the U.S. economy, and seems tied at the hip with the progression of U.S. trade policy, especially towards China.​