After a record-setting first four months of 2019, the S&P Global 1200 Index gave back nearly half its YTD return in May’s decline. The volatility of the S&P 500 began the month below the 18% volatility threshold of the S&P 500 Managed Risk Index and remained below it the entire month. After rising 35% during the first four months of 2019, the price of oil fell 5% in May as trade wars obscured the path to global economic growth. The most recent CPI data show annual inflation climbed to 2%. While realized inflation moved higher, inflation expectations fell by nearly 30 basis points in May.