Strong growth and expectations of tightening were met by fears of trade wars and recession throughout the month. The predictable turbulence resulted in volatile asset prices and currency swings. The Fed hiked rates again, and the ECB announced it would stop QE purchases by year end, signaling the end of an era of unconventional monetary policy. The synchronous growth story also wound down as the BoJ continued massive stimulus, and the Chinese economy slowed. With trade retaliation between the US and China heating up, China’s currency and stock market plummeted to fresh lows.