Further evidence of a slowing global economic picture and geopolitical forces pushed global markets around in May with equities falling 5%-8% and safe haven yields falling across the curve. A surprise POTUS pivot on the U.S.-Sino trade deal on May 6th kicked off the spike in volatility as consensus prior to that was that a trade deal was imminent. Ultimately, heightened U.S.-Sino trade conflict, renewed U.S.-Iranian tensions, Brexit developments, and mounting evidence of slowing global growth all factored into market moving headlines during the month. Calls for rate cuts grew alongside financial market volatility and declining inflation indications.