January 2016 Flash Report

Markets entered an increasingly uncertain and volatile New Year focused on slowing growth and material deflationary forces. After stopping QE two years ago, the Fed’s first rate hike–during a corporate profits recession–was associated with weakened US growth. At the same time, a rising US dollar and falling oil prices placed immense credit pressures on global US dollar debt issuers. Together, these factors precipitated a global stock market sell-off and exacerbated investor fears that central banks are losing their ability to avert a major recession.

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