This year has been dominated by a "tug of war" between two different constituencies of investors: those with a positive view on the potential for a sustainable economic recovery, and those who see little fundamental change from the low-growth, low-inflation environment that has characterised much of the post-crisis period.
For the former, the sharp reflationary moment from 2016 is very evident in the real economy, with improving economic growth supported by easier financial conditions and a weaker bias to the US dollar. ...
'Following the letter, but not the spirit, of the rules'
Tech giant still stands out
Reduces chances of rate hike
Designed to park short-term cash