IN THIS ISSUE

• Macro Strategy — The Markets Versus the Experts: Markets are signaling resilient growth, anchored long-term inflation, and strong earnings contradicting stagflation concerns from the Iran-driven energy shock.
  
  
• Market View — Rethinking the Emerging Markets as an Asset Class: Emerging markets are no longer a cohesive asset class due to fragmentation, geopolitical divergence, dollar sensitivity, limited convergence, and increasing concentration, requiring selective and active investment.
  
  
• Thought of the Week — The Drive to "5": $5 Gasoline, 5% Inflation, 5% 10-Year: Rising energy-driven inflation and surging Treasury yields are tightening financial conditions, potentially constraining Federal Reserve easing and increasing risk pressure on Equities.​