Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — All Together Now: Production, international trade, corporate earnings and sentiment are likely to remain headed in the wrong direction.
  
• Global Market View — A Scorecard Framework for Emerging Markets: Five key market drivers to help assess the relative prospects across 20 major countries and three major regions in the current environment.
  
• Thought of the Week — Muni Valuations, Once Cheap, Have Since Richened: While we believe that short municipals still offer a decent risk-reward, further significant outperformance on the short end should not be expected.​