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Capital Market Outlook

January 3, 2022


  • Macro Strategy — A New Dawn for Nominal Growth: Leading indicators of economic growth point to a strong first half for 2022, and with the Federal Reserve itself projecting sustained massive accommodation for the foreseeable future.
  • Global Market View — Three Hikes Isn't the Same as Three Strikes: High-single-digit total returns for the S&P 500 is our base case for 2022
  • Thought of the Week — 2022 The Return to Normal With Normal Returns?: Buoyed by a strengthening economy, accommodative monetary policy and strong corporate earnings, major U.S. indexes yet again notched double-digit gains for 2021.

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