Global financial markets continued to move higher, supported by an improving outlook for global economic growth. Volatility remained near record low levels despite persistent geopolitical tensions, tightening U.S. monetary policy and particularly destructive natural disasters. We present a few highlights from 4Q17 below: U.S. equity markets continued their bull market run during the fourth quarter as the Trump Administration’s tax reform proposal took a step closer to approval, offering a boost to overall investor sentiment. The S&P 500, the Dow Jones Industrial Average and the technology-heavy Nasdaq Composite each hit all-time highs during the quarter. On the economic front, preliminary estimates indicate third quarter GDP grew at the fastest pace in three years amid strong business investment. Developed international equity markets were also positive during the fourth quarter, driven by improving earnings growth and general economic expansion. Strong gains came out of the Pacific region, while Europe lagged. On the political front, British Prime Minister Theresa May suffered a major setback as parliament voted to give lawmakers a final say on any Brexit agreement. In the emerging markets, returns were propelled higher by solid performances from China, India and South Korea. Year-to-date, emerging markets equities are the best performing asset class. Within fixed income, results were mixed during the fourth quarter as the Federal Reserve raised int