A notable economic feature of late is the inexorable rise in US interest rates, and its consequential effect on rates elsewhere, and market valuations. Equally notable is the escalation of trade disputes, most particularly between the United States and China. This shift towards greater protectionism by the United States could, if not mitigated, trigger more dramatic retaliatory actions, possibly including currency devaluations, and stands as a primary market risk as we look to the remainder of 2018 and into 2019.