In the first quarter, we saw financial markets gain back much of what was lost in the fourth quarter. The energy heavy S&P GSCI index gained nearly 16% with U.S. stocks leading the global equity markets. The catalyst for the resuming rally was the U.S. Federal Reserve indicating they would likely take a patient approach to monetary policy leaving interest rates unchanged during the quarter. Negotiations resumed with China on trade, which pushed off any new tariffs. U.S. GDP grew 3% during the fourth quarter, while inflation has stayed at or below 2%. The environment is conducive to asset prices getting bid up.

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