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Illustration: Lazaro Gamio/Axios

Strategists at $234 billion asset manager Macquarie Investment Management laid out an exceptionally bullish prediction for U.S. stocks — their equities team is calling for the market to double in value over the next 10 years.

Why it matters: That would put the Dow at around 55,000.

What they're saying: "Growth has entered a secular phase where many companies focused on the new economy can continue to grow for years to come," Alex Ely, Macquarie's CIO of U.S. small-mid cap growth equity, said during a call with reporters Monday.

  • The "new economy" is focused on the expansion of healthy food, advanced drug treatments and the digital economy, he said.

John Leonard, Macquarie's global head of equities, tells Axios that such predictions don't make them super-bulls; it's more that many other investors are "irrationally bearish" on equities and have missed out on a great deal of the gains in recent years.

  • "The fact that this market has been relatively positive and extended since the financial crisis doesn’t mean that the earnings can’t continue to grow and stock prices can’t continue to go up as a result of that."

Go deeper: Investors cheer a Teflon earnings season

Go deeper

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.

Mike Allen, author of AM
2 hours ago - Politics & Policy

Third Way: "Big Lie" could become "Big Coup"

Graphic: Third Way

Third Way, the center-left think tank, is urging fellow Democrats to respond to the Capitol riot with "the size, scope, and seriousness of a presidential campaign," co-founder Matt Bennett tells me.

Driving the news: "For the first time in U.S. history, a party must mount two parallel presidential campaigns: one to win the election, and the other to prevent its theft," Bennett said, calling this "a Paul Revere moment."

Advocates say Biden has let Haitian migrants down

Photo illustration: Aïda Amer/Axios. Photos: Chip Somodevilla/Getty Images, Christian Torres/Anadolu Agency via Getty Images

Continued turmoil in Haiti is causing a growing number of Haitians to try to make it to American shores — and some advocates say the Biden administration isn't supporting this community in its time of crisis.

The big picture: Haitian-American activists in South Florida told Axios Today they feel like President Biden has gone back on campaign promises he made to the community to stand up for them.