Global equities continued their rally into 2018 without missing a beat. After rising 1.5% in December and finishing the year 24% higher, the global equity market roared out of the gate in January, climbing 5.5% and notching its best start to a new year since 1994. Emerging market equities lead the way, rising nearly 10% before finishing the month up 8.2%. With the exception of emerging market equities, volatility edged slightly higher around the globe in January, but reamined in a historically low range. In the U.S., consumer discretionary stocks lead all sectors, rising 9.2% on the month. Already down 8.5% in 2017, the U.S. dollar fell another 3.4% in January. The spot price of crude oil climbed again in January. Bond-market inflation expectations have risen to a three-year high.