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Capital Market Outlook

April 15, 2024


  • Macro Strategy — The Fed Pivot Reignites Growth and Inflation: Upside employment and inflation surprises reinforce the view that monetary policy may not be nearly as restrictive as presumed.

  • Market View — Consumer Check-In: Tailwinds Overpower Headwinds: While factors like elevated inflation, higher debt balances and lower savings are working against consumers, their strength remains underpinned by a tight labor market, solid wage gains, elevated net worth and stronger confidence.

  • Thought of the Week — Made (Too Much) in China—Is the World on a Collision Course with China?: China has turned to a “new" growth model that sounds very familiar: manufacturing, with an eye on exports.

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