Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Is Stagflation Likely?: With inflation stubbornly high, the term “stagflation" has been resurrected as a risk for the U.S. economy, however, the currently low unemployment rate is inconsistent with stagflation.
  
  
• Market View — The Long View: Was the Last 80 Years Just an Illusion?: The U.S.-led liberal economic order of the post-war era is shifting.
  
  
• Thought of the Week — Two Structural (Bullish) Variables Supporting the U.S. Labor Force: Energizing the labor market have been two key variables—a jump in foreign-born workers and the female labor force.