Q4 2017 Investment Review

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The S&P 500 ended a strong year with a fourth-quarter gain of +6.6%. US equities were supported by generally positive macroeconomic data, including better-than-expected third-quarter GDP growth of 3.0%.

US Treasury yields rose over the quarter as the Fed hiked rates 0.25% in December, and the yield curve flattened amid growing momentum behind a tax reform bill which is expected to stimulate growth and inflation.