IN THIS ISSUE

• Macro Strategy — OBBBA To Offset A 20% Effective Tariff Rate, Extending The Expansion: Cautious optimism about Federal Reserve easing, fiscal stimulus, and expectations for continued expansion have boosted risk assets.
  
  
• Market View — Revolution Ahead: What Calculators Did To Math, Artificial Intelligence (AI) Could Do To Language, Learning and More: An understanding of the history of the calculator—its evolution and overarching effect on business—helps frame what is coming down the pipe with AI.
  
  
• Thought of the Week — Opportunities for Fixed Income Investors Ahead of Federal Reserve Rate Cuts: Especially around inflection points in Federal Reserve policy, the yield curve tends to move in historically consistent patterns that could provide potential opportunities for Fixed Income investors.​