Markets showed signs of volatility as investors feared an uptick in both global protectionism and inflation expectations. U.S. stocks were down 0.76% as strong corporate earnings were overshadowed by investors’ concerns relating to higher interest rates and large-scale tariffs against China. Emerging markets were up 1.42%. The Federal Reserve raised its benchmark rate by 0.25% and is expected to do so twice more this year. The unemployment rate remained at 4.1%. The price of oil rose from $60 to $65 a barrel through the quarter. The broad fixed income market was down due to higher inflation expectations.