Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Investors Need a More Nuanced View of the U.S. Consumer: We Explain: The U.S. economy beats to the tune of the U.S. consumer, and in our view, the pulse of the consumer remains solid.
  
  
• Market View — Emerging Markets and the New Fed Easing Cycle: A small number of countries may benefit from easier financial conditions as the Federal Reserve cuts rates, but strong Emerging Markets fundamentals are likely to make for a limited effect from the new easing cycle across the bulk of the emerging world.
  
  
• Thought of the Week — No Quick Fix for Europe: Europe will require trillions of euros to fund key initiatives to drive future growth.