48 VII.FinancialMarketsRoundUp Commodities Financial Markets D uring the 1st Quarter, the fixed income markets adjusted to the Fed’s next interest rate increase while the post-election surge in equities appeared to run its course. European equity markets outperformed the US markets and emerging market equities did best of all. US Dollar Index “Central banks are losing control and they don’t know what to do … just like the Republican establishment and Donald Trump.” — Jeffrey Gundlach