Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Watch the Gap: As high labor costs continue to eat into profits, forcing companies to curb hiring.
  
• Market View — Powell vs. the $26 Trillion Hydra-headed Beast: One year into the Federal Reserve tightening cycle, it confronts a U.S. economy refusing to roll over easily.
  
• Thought of the Week — U.S. Exports and the $3 Trillion No One is Talking About: America's tilt toward trade and investment restrictions/protectionism threatens to impede global sales and future global earnings of U.S. multinationals.