Home Market Outlook Today's Market Summary Despite ongoing geopolitical conflicts and growing concern about near-term market volatility, we believe the fundamental case for global economic growth remains intact and broadly supportive of risk assets. We believe payroll growth will likely support U.S. consumption, which accounts for roughly 70% of U.S. GDP. Thus far in 2026, we have seen a consistent pattern across the entire investment style box, with value stocks and small caps outperforming growth stocks and large caps. We expect the USD to continue weakening as global growth rebounds, an environment that potentially bodes well for EM stocks outperforming those in developed markets. We expect fiscal and monetary policy, along with accelerating private-sector capex (increasingly driven by AI-related investment), will continue to support growth.…