Synchronized global growth, low inflation and ample liquidity has helped propel equity markets. Although PE ratios remain above historic averages they are not extreme while corporate earnings continue to beat expectations. A push towards deregulation in France, lower valuations, and expansionary monetary policy continue to make the European markets more attractive. We expect U.S. 10 year yields to move higher as their economy heats up in late stages of the economy cycle. Canadian yields on the other hand, will lag behind as our housing market cools.