Shifting prospects for growth and monetary policy in major economies dominated market developments during the period under review. In December, investors’ concerns that monetary policy would remain on a firmer course, despite a softening global economy, drove risky asset prices sharply lower. Starting in January, an accommodative turn in policy and improved economic signals in the United States lifted those prices again. As 2018 drew to a close, international markets were rattled by growth worries and a renewed focus on policy uncertainty, triggering a flight to safety. Equities fell and corporate spreads widened across the globe. Sovereign yields dropped and curves flattened slightly as term premia slide.[…]