As we start the second half of 2018, we find ourselves in a much different place than we were at the end of the first quarter. Back then, we were worried about a slowdown, and markets had pulled back. Now, despite very real policy concerns, the economy looks considerably healthier than it did then. Indeed, the markets have proven to be remarkably resilient in the face of growing policy risks.
In considering what the third quarter will look like, it is worth taking a more detailed look back at Q2 2018 and how it reversed a fairly weak first quarter.