Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.

We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.

The greenback’s volatile year underscores the interplay between cyclical drivers and longer-term valuation challenges—factors that could have implications for global equity leadership.