This month saw a return to volatility of some sort, this time in the fixed income space due to questions over ongoing central bank support of quantitative easing combined with incipient signs of higher inflation. Recall that at the end of our September 2016 market commentary, we wrote:
"A new cycle of capital spending followed by global fiscal stimulus programs (in response to the global populism driving the 2016 election season) would not only extend this long-in-the-tooth business cycle but could also lay the seeds for future inflation. Labor costs are already making their way through the production channel, and the fruits of renewed capital spending will take time to bear out. Hence, we may be entering a period of long-term interest rates leaking higher as they track
