Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — America's Declining Fertility Rate: The Good News Amid the Bad and Why It Matters: In America and abroad, alarm bells are ringing as governments face the consequences of lower fertility rates with many countries experiencing outright declines in population.
  
  
• Market View — China's Drought and the Growing Challenge of Global Water Scarcity: As demand increases for agricultural, industrial and consumer use, a significant global shortfall in available freshwater is projected over the coming years.
  
  
• Thought of the Week — The World Can't Go Green Without Asia: Decarbonizing without Asia isn't an option, and the energy transition will require decades, not years.