Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — The Secret Sauce to U.S. Economic Dynamism: America's entrepreneurial DNA empowers startups, enables innovation, fosters competition, creates opportunities and challenges incumbents.
  
  
• Market View — The Running of the Bulls: Despite underlying risks such as inflation misses, or headline risk of sporadic bank issues, appetite for Equities remains strong.
  
  
• Thought of the Week — Growth in Household Wealth Drives Supply-Demand Imbalance for Munis: The supply-demand imbalance has caused a systemic richening in muni valuations versus taxable Fixed Income investments.