IN THIS ISSUE

• Macro Strategy – The Yen, 10-Year Yield and Iran: Bessent’s Three-Front War and the Stakes for Investors: The U.S. Secretary of the Treasury is taking an active role in managing currency, bond market, and geopolitical challenges, though competing policy goals may complicate outcomes.
  
  
• Market View – Beyond AI’s Resource Footprint, Consider its “Handprint”: Artificial Intelligence’s growing resource demands are increasing focus on whether its sustainability benefits can ultimately outweigh its environmental footprint.
  
  
• Thought of the Week – The Beauty of September: Despite higher oil prices, bond yields, and central bank interest rate hikes, any market pullback could present a potential buying opportunity given historically strong post-midterm election returns.