Markets are adjusting to the new regime of greater macro and market volatility, in our view. This is not a typical business cycle. What matters are the mega forces – or structural shifts – playing out now. Most point to higher interest rates and lower long-term growth: Aging constrains the workforce, and geopolitical fragmentation rewires supply chains. But digital disruption has potential for productivity gains. We see mega forces creating opportunities and risks across sectors and regions. {chart} Developed market (DM) stocks have erased about half of this year’s gains – though tech has held up partly due to ... (full story)