Commentary

The U.S. economy heads into the final quarter of 2018 with continued momentum.

The yield curve is a graph showing the interest earned on short-, intermediate-, and long-term U.S. Government debt.

After two years of relative calm, stock market volatility returned in the first quarter of 2018 as investors shifted their attention from the benefits of synchronous global growth to the prospect of higher-than-expected inflation and the uncertainty created by President Trump’s trade rhetoric.

In 2017, expanding global growth and benign inflation drove global stock markets to record highs.