Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Powell on a Mission: The economy is expected to continue to lose momentum until the Federal Reserve stops draining liquidity with its aggressive quantitative tightening schedule.
  
• Global Market View — Chips and Competitiveness One Year On: The U.S. chip industry ultimately requires funding in the hundreds of billions of dollars from both the public and private sectors.
  
• Thought of the Week — Diverging Equity and Bond Volatility Sends Mixed Signals: Investor uncertainty appears more complex these days amid recent volatility trends in financial markets.