IN THIS ISSUE

• Macro Strategy — Taking Stock of À La Carte Globalization and the Investment Implications: In a world rife with geopolitical strife, we believe strategic sectors including aerospace and defense, energy security, and technology and semiconductors stand to benefit.
  
  
• Market View — Will Federal Reserve Rate Cuts Boost Emerging Markets?: Though some individual markets may benefit from the new easing cycle, we would expect a limited effect for the majority of the MSCI Emerging Market Index and maintain a neutral tactical view in our regional allocations.
  
  
• Thought of the Week — As Goes the High-Income Consumer, So Goes the U.S. Economy?: The strength of the U.S. economy hinges on the U.S. consumer, though, U.S. consumption is increasingly dominated by higher-income households. Thus, despite sticky inflation and weaker jobs data in recent months, spending has remained resilient.​