• After a period of unusual calm, markets are getting a little more volatile. We think such volatility was always going to come, given the long period of unusual stability.
• This is informed by vertigo after strong gains, retreating central banks, tax cuts going nowhere and the prospect of trade troubles.
• And while we’re alarmed about the trade thinking that informs part of the US administration and do not relish a trade war, we don’t think the latter is a given.

Source: Volatility To Return? | Seeking Alpha