IN THIS ISSUE

• Macro Strategy — Compelling Risk-on Underpinnings: Continued expansion with moderate inflation favors risk-asset outperformance. Still, sentiment should be tempered by vigilance toward interest rate and tariff-related pressures on earnings.
  
  
• Market View — Some Hard Truths Confronting America's “Manufacturing Renaissance": As supply chains shift, we continue to believe that expanding and upgrading U.S. infrastructure implies secular demand for critical minerals and metals, electrical equipment, and transmission and distribution.
  
  
• Thought of the Week — Q1 Earnings Recap: Big Beat, Bigger Uncertainty: While uncertainty has weighed on the earnings outlook for 2025, it's our view that sturdy fundamentals should still support full year earnings growth in the low-to-mid single digits for the S&P 500 Index.​