IN THIS ISSUE

• Macro Strategy — Squaring The Circle Of Resurgent Growth And Lower Rate Expectations: Economic growth seems poised to remain robust while the real neutral rate may drift lower due to structural and policy changes.
  
  
• Market View — Don't Bet Against the “Comeback Kid": The U.S. federal government may be closed, but the other two engines of U.S. growth and earnings—consumers and corporations—are open and the key behind our U.S. bias in portfolios.
  
  
• Thought of the Week — New Zealand's Greatest Export: One Inflation Target to Rule Them All: The Federal Reserve's 2% inflation target has no empirical basis in U.S. inflation data; instead, it originally comes from New Zealand's central bank.​