Markets staged a rare broad-based, V-shaped recovery from the deep December sell-off. Following a remarkably strong employment report and Fed guidance that surpassed even the most dovish expectations, equity investors quickly reversed their assessment of the risks U.S. recession and a Federal Reserve Bank (Fed) tightening overshoot. The hard data of moderating U.S. growth in the face of deteriorating conditions overseas merely confirmed pre-existing trends. Optimism that worst-case outcomes would be avoided with respect to Brexit and the U.S./China trade war contributed to the risk-on sentiment. Credit markets were the natural beneficiary of the renewed optimism: an 18% bounce in crude oil prices, and stable benchmark-Treasury yields with the high-yield market having its best month since 2011.