Year End Review and Outlook 2015

  • 2015 saw divergence across economies, central banks and markets. The Fed raised rates for the first time in nearly a decade, while the ECB and Bank of Japan continued to ease.
  • Volatility returned with a vengeance, and we believe that this is likely to continue into 2016.
  • The US and Chinese economies seem to be the dual engines of the global economy now, but we begin the year uncertain of the state of both.
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