Given the growth rally that took place in July based on modestly positive incremental news flow, we feel confident that investors are willing to shift back into risk-on mode once inflation begins to moderate in a more sustained manner, giving the "all clear" signal to markets. Our base case of a mild recession remains unchanged. We're closely monitoring any potential deterioration in earnings and cash flow as macro uncertainty starts to manifest itself in company financials. Preservation of earnings power is key, and those companies able to do so through market share gain and volume growth, as opposed to through price increases, will be in a better position to endure uncertainty ahead and should have a much better setup on the other side of this bear market.