Calm was restored overseas as there were no surprises with the French presidential election, with pro-European Union candidate Emmanuel Macron winning in the second round. Subsequent to the election, the VIX index of volatility closed at its lowest level in over two decades. The U.S. dollar, meanwhile, broke to a six-month low, continuing to benefit international investments (in U.S. dollar terms). Given the strong labor market, it is likely the Federal Reserve will raise short-term rates by 25 basis points at their June meeting.