Though finishing slightly lower than its all time high reached on Friday the previous week, the S&P 500 Index ended the year up just shy of 29% while the 10-year U.S. Treasury rate closed at 1.92%, down approximately 80bps from its level at the end of 2018. The U.S. dollar (as measured by the DXY index) finished the year almost unchanged. Last week opened with reports of U.S. attacks on pro-Iranian military bases in Syria and Iraq and closed with news of a U.S. airstrike killing IRGC general Qassam Soleimani. Stock and bond markets barely reacted to the former news with markets experiencing very light trading activity Monday and Tuesday. On Thursday, the first trading day of the new year, the S&P 500 moved higher by almost 1% and U.S. 10-year Treasury rates fell about 4bps after the PBOC said it would further loosen monetary policy to support the Chinese economy. However, overnight news leading into Friday of the killing of Soleimani and weaker-than-expected ISM manufacturing index number the S&P 500 Index reversed almost all of Thursday’s gain and pushed the 10-year U.S. Treasury rate a few basis points lower. At week’s end, the S&P 500 Index was down 0.2% at 3234.85, the 10-year U.S. Treasury rates was down 9bps to 1.79% and the U.S. dollar was almost unchanged.