What a difference a month makes! During late April, complacency was widespread and the S&P 500 ended at a closing high. Now just five weeks later the focus for investors is assessment of downside risk as the S&P is now 2/3rds of the way to a 10% correction. Two concerns account for this reversal. First, trade, as Trump has now added skirmishes with Mexico & India to his fight with China. Second, there’s a growing realization that central banks may not be able to catalyze higher growth and inflation.