Significant price declines in the fourth quarter

Sentiment for equities reversed course in the fourth quarter of 2018. As recently as early October, MSCI World – an index of developed market equities – was at an all-time high, when measured in euros. Yet by the end of December, it had declined by over 12 percent.

There were a variety of causes. The U.S. Fed hiked rates in late September, and again in December, but the markets were probably more impacted by the Fed’s rhetoric, which seemed to change on a fairly frequent basis. Although many still consider the U.S

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