What a year! A prosperous, boring year. There was plenty of domestic and international news and political uncertainty in 2017, but with the economy on sure footing, global markets held their noses and continued to march higher. In the US, the S&P500 returned 21.8%, with the strongest performance coming in the fourth quarter. Volatility has also remained muted as the VIX was range-bound between 10-12% for most of the year. In fixed income, despite three rate hikes, the 30-year Treasury ended the year lower, and the 10-year bond essentially flat.