Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — On Policy Changes, the Business Cycle and the Markets: Uncertainty remains high, but most policy changes are unlikely to affect the growth trajectory before late 2025.
  
  
• Market View — Defense, China, Deficits and Money Markets: Four Charts of Interest to Investors: This week, we highlight four key metrics expected to shape the investment landscape in the year ahead.
  
  
• Thought of the Week — The Black Friday Barometer: We are cautiously optimistic heading into the season of sales, but developments will bear watching.