As expected, the overall pace of American economic growth this year remains strong, despite the weaker than expected April employment report. Our U.S. Gross Domestic Product (GDP) grew at an annualized 6.4% pace in 2021’s first quarter. The lion’s share of this growth was directly attributed to record amounts of pandemic-related fiscal aid our government has inserted into the economy. This stronger economic growth has been expected by the investment community and is optimistically reflected in today’s stock market valuations, which remain at historically high levels. As we have already experienced this year, high valuations usually portend future financial market volatility, especially in year #2 of cyclical bull markets.