Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — The Extended Dollar: Monetary tightening and increasingly adverse geopolitical crosscurrents are key factors supporting the dollar, but the more overvalued it becomes, the harsher the unwinding is likely to be.
  
• Global Market View —The State of the Consumer—Firm but Fraying: We review factors that are currently in favor for the consumer, versus factors that call for getting cautious.
  
• Thought of the Week — An Energized Q2 Earnings Season: We expect earnings to decline in 2023 on economic weakness and margin pressures.