December 2015 Flash Report

In one of the most anticipated moves in central banking history, the Yellen-led Fed announced its first interest rate hike in nearly a decade, raising the Fed Funds rate to 25 basis points. Citing confidence in the US economy, reinforced by positive employment and growth data (third quarter GDP revised up to 2.0%), the Fed reassured markets that future rate hikes would be gradual. Despite the Fed’s dovish comments, financial and commodity markets ultimately sold off amid higher volatility, as investors worried over high yield bond market liquidity and continued weakness in the energy patch.

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