Equity markets rebounded sharply in January after the sharp December decline. The S&P 500 is now up approximately 17% from the December lows and credit spreads are trading back near mid-November levels. An early January pivot by the Fed, progress on China trade negotiations, and some modest improvements in macro bellwethers were the primary drivers. Interest rates moved slightly lower, but commodity markets rallied in sympathy with global risk markets. Energy, grains, industrial metals, and precious metals all posted strong gains in January. Crude oil was +18% on news of non-U.S. production quota progress.