IN THIS ISSUE

• Macro Strategy — The Expansion Still Has Legs: Resilient consumption, strong productivity growth, solid corporate fundamentals, and expectations for supportive policy have sustained confidence in the expansion and risk asset prices.
  
  
• Market View — 5 Portfolio Considerations for 2025 and Beyond: We view the last four months of the year as “an invitation to buy" long-term equity market exposure on weakness and use growth investment themes to increase tactical positioning through the new growth cycle.
  
  
• Thought of the Week — From Sixty to Zero: Immigrant Workers and the U.S. Labor Force: Taking the long view, U.S. cyclical and structural labor constraints should only fuel more productivity-led investment in Artificial Intelligence, robotics and automation, and hence our bull positioning on Industrials and Technology.​