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Capital Market Outlook

May 30, 2023


  • Macro Strategy — Is the Fed Serious About a 2% Inflation Target?: Despite quantitative tightening by the Federal Reserve, the monetary base and bank reserves rose in recent months, retracing about half of their 2022 decline.
  • Market View — What's Driving the Rally in Big Tech?: While we see several long-term tailwinds for big Technology, the durability of the rally is up for debate.
  • Thought of the Week — Tactical Sympathy, Strategic Disagreement: There are reasons to believe that U.S., Europe and China diplomatic exchanges may be more tactical in nature, masking strategic disagreements.

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