Market Commentary December 31, 2016
Quarterly Market Review
Global equity markets finished the year on a positive note with investors abruptly reversing course and rotating out of bonds and into equities as Donald Trump was elected the 45th President of the United States. It was a bullish trifecta of an unexpected regime change in Washington advocating pro-growth policies and structural reform, a reversal of more than $150 billion that has flowed from equities to bonds and bullish end-of-year seasonal trading. Put it all together and you a “melt-up” in equities.