Investors continue to grapple with a number of issues that could negatively impact economic growth and corporate earnings, most notably rising inflationary pressures and protectionist trade policies. As a result, broad U.S. equity indices traded in a progressively tighter price range in April, forming a discernable triangle pattern post a year-to-date high in late January. Ultimately, improving corporate earnings and solid underlying economic performance should propel U.S. stocks higher over the intermediate term. Interest rates rose during April and the yield curve flattened as economic strength and less bond purchases by the Federal Reserve combined to put upwards pressure on interest rates. We expect this very low interest rate market environment to finally be coming to an end. Investors are increasingly anxious that rising inflation will motivate the Federal Reserve (Fed) to tighten monetary policy at an accelerated pace, thereby dampening the economic expansion. Although an overly aggressive Fed could certainly continue to raise rates to the point of curbing economic growth, we do not see evidence of recession within the next 18 to 24 months.