Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — The Calm Before the Storm?: Even absent a recession, economic growth is generally seen remaining well below potential for at least two years, with risks to the downside.
  
• Market View — Surveying the Landscape in International Markets: We continue to watch the international market landscape for opportunities, but at this stage still favor the U.S. on a tactical basis.
  
• Thought of the Week — Back in Business: Debt Ceiling Negotiations Hit Wall Street: We are monitoring headline risk as the debate progresses, including any “X-Date" deadline update.