The market began the new year by continuing its upward march, as the S&P 500 index amassed thirteen new all-time highs in January in only twenty-one trading days! By the end of that first month, however, a very strong jobs report rattled investors who were increasingly concerned with mounting inflationary pressures. An official correction ensued, taking the S&P 500 index down more than 10% off its high over only nine trading days. After taking some comfort from the resilience of the global economy, investors propelled the market higher once again until early March when President Trump announced tariffs on steel and aluminum in what was the initial salvo in a developing trade war with China. During March, the two parties escalated tensions with threats of tariffs on various exports, culminating in a steep market sell-off which began in the US but spread across the globe. For the three months ending March 31, 2018, the large cap S&P 500 index decreased 0.8%, the mid/small cap Russell 2000 index was down 0.1%, and the international MSCI EAFE index lost 1.5%.