The U.S. economy remains strong, and there is evidence that the full benefit of last year’s corporate tax cut has not yet been felt. Indications are for continued economic growth in the back half of the year, but a strong U.S. dollar could be a headwind for certain parts of the economy.

One of the most challenging aspects of evaluating opportunities at this point in the market cycle is the tendency of the market to be rather binary in its assessments.

As the first quarter closed, equity and bond markets were searching for direction following the losses posted in the back half of the quarter after an exemplary January.

As market strategists and pundits attempt to predict the end of this economic cycle, a commonly mentioned indicator is the term spread of U.S. Treasuries – or the difference between short-term yields and long-term yields.