Our view from a month ago that a pipeline of volatility-inducing events could trigger a modest pullback (2%-5%) across major indices continues to materialize. Over the month of March, U.S. interest rates were hiked 25bp, President Trump failed to even get a vote on proposed legislation to repeal and replace Obamacare, the U.K. formally triggered negotiations on its exit from the European Union, and the French presidential election race continued to heat up. As a result, global markets have traded with a subtly cautious tone as they absorbed these developments and downgraded lofty expectations of speedy passage of Trump’s pro- growth agenda (ie. tax reform, fiscal spending boost, etc.).