2019 in Review Wow. 2019 turned out much different than many investors thought, including us. As we entered 2019, we were faced with protectionist rhetoric, trade angst and a Fed that had begun backpedaling away from their tightening bias. In Europe and the UK, the politics of Brexit continued to stoke concern about the eventual impact on both constituencies. Despite all of this uncertainty, interest rates on sovereign debt were higher at the beginning of the year than they are now, even though progress has been made on the factors noted above and things are now at least somewhat more settled.