In the third quarter of 2016, financial markets remained unfazed by the Brexit vote that took place at the end of the second quarter. The S&P 500 averaged 2162.1, with a 6.1-percent return year-to-date. As investors attempted to come to terms with a muted reaction to Brexit, limited volatility continued to be the norm. As a result, volatility averaged a mere 13.2 on the CBOE Volatility Index (VIX), and financial markets began a rally to beat all-time highs, day-after-day. Markets continued to edge higher, closing at 2190.15 on August 15, an all-time high for the S&P 500 Index. Continued optimism in the short-term was fueled in large part by the quick rebound from the Brexit. With this, after having barely moved for 43 consecutive days this quarter, recurrent concerns related to global monetary policy, OPEC, the FOMC rate decision and, most recently, the Presidential election reemerged as areas of concern, causing markets to move and the VIX to increase modestly.