Cardinal Quarterly – April 2018

MARKET OUTLOOK – Volatility picked up significantly in the first quarter, helped along by the Trump administration’s tariff threats against China, which raises the odds of a trade war. At the same time, Central banks have continued to move toward more interest rate increases as the economy continues to do well and inflation has trended around the 2% mark in most developed countries. These fears have been balanced by what most investors expect to be a strong earnings season as companies benefit from U.S. tax cuts and a strong economy. The recent market pullback combined with earnings growth has also made valuations look  more reasonable. We continue to believe that 2018 will be a positive year for the markets.

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