PresentationOperator Hello, everyone, and thank you for joining CWAN's 2026 Outlook Webinar. We have a great presentation lined up that takes a data-driven look at the U.S. economic outlook and the forces shaping markets as we head into 2026. Investors are balancing persistent macro uncertainty with evolving portfolio risks, making it critical to separate short-term noise from signals that truly matter. Before we get started, I wanted to run through a few quick housekeeping notes to help you get the most of ...

Core Viewpoint - The consumer sentiment is currently low, with indications of exhaustion among consumers, as highlighted by Tom Barkin [1] Group 1 - The statement reflects a broader concern regarding consumer behavior and spending patterns in the current economic climate [1]

Group 1 - The dollar is rising due to stronger U.S. economic data, alleviating concerns about a weak economic outlook, especially in the labor market [1][2] - Initial jobless claims decreased by 33,000 to 231,000, which is below the expected 240,000, indicating a more robust labor market [2] - The Philadelphia Fed's manufacturing activity index increased to 23.2 in September, significantly surpassing the forecast of 2.0, contributing to a positive sentiment regarding the U.S. economic outlook [2]