Stock and bond volatility, which many had dismissed as an artifact of time, has reemerged. US stocks, which finished the quarter slightly down, have already seen double digit-moves in both directions, and the experience for overseas stocks has been roughly equivalent. Trying to pinpoint the exact rationale for day-to-day and week-to-week market movements is a nebulous task. During the quarter, we have seen a litany of events unfold, both big and small. Interest rates have surged higher as the Federal Reserve continues on its path of monetary tightening.