Good morning: “One small step for man, one giant leap for the Fed”

http://uk.businessinsider.com/fed-funds-rate-chart-2015-12

Not the typical stock market reaction you would expect following the first rate hike

https://www.bespokepremium.com/think-big-blog/defensive-sectors-lead-sharp-gains-for-u-s-equity-market/

The next part of the table has been filled

http://awealthofcommonsense.com/uncharted-territory-in-the-fed-funds-rates-cycle/

inflation, deflation: a pretty even draw…

http://blogs.wsj.com/economics/2015/12/14/a-brief-history-of-u-s-inflation-since-1775/

I haven’t had time to give this the attention it probably needs: the crisis program review of the IMF

http://www.imf.org/external/np/pp/eng/2015/110915.pdf

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