Volatility has returned to equity markets, but despite the turbulence, the overall market saw only modest declines in the first quarter, with the S&P 500 Index down by less than 1%. A number of economic signals and policy factors, including normalizing interest rates, drove the change in volatility—which may signal an opportunity for disciplined investors.

Read more in Chief Investment Officer John Geissingers’s 1Q 2018 Market Perspective, The Return of Volatility.