Milliman FRM Insight: January 2019 Market Commentary

Stocks hit the ground running in 2019 with strong earnings and positive Federal Reserve guidance. The rally that began in the final days of 2018 extended through January, pushing the global equity market to its highest calendar-month return in more than seven years. A declining dollar propelled international stocks higher, with both developed and emerging market equities making significant gains. All market sectors were higher in January, with industrials and energy at the front of the pack. Strong earnings reports were another catalyst pushing stocks higher. As markets climbed higher, volatility ebbed lower.

Milliman’s Joe Becker offers more perspective in this month’s market commentary. Download the full commentary at

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