(Harvest) Low volatility has been a feature of the U.S. equity market for several years. The absence of significant volatility and the surge in the S&P 500 Index drove investor sentiment to very high levels in 2017. Last year the S&P 500 Index was up almost 20%, yet January marked the fastest start for the index ever. Equity market indices reached our target for the entire year of 2018 before January even ended. This arguably set the stage for an overdue correction, which is what we have seen.
View From a CIO: Absence (Of Market Volatility) Made The Heart Grow Fonder
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