Key Takeaways

• Today’s ebullient macro and market environment is likely to give way to a period of slower, yet still robust, economic and earnings growth powerful enough to elongate the current bull market.

• Unease over evolving Fed policy and an inflation scare could keep equities rangebound in the near term. Strong leading economic indicators and a resurgence of stock buybacks, however, suggest weakness should be viewed as a buying opportunity.

• A healthy consumption outlook and an expected rise in capital spending are further reasons we believe long-term investo...