Jeffrey: Even in a year of dull world growth, don't rule out a mid-2016 rate rise

Was it hopes disappointed, or simply more of the same? Or both? 2015 continued to be characterised by what is widely perceived as 'dull world growth', writes Cazenove Capital CIO Richard Jeffrey.

For Western economies, still in rebalancing mode six years after the great recession, dull growth is much safer, although it is now beginning to demand more active management by central banks. The bull and bear case for US equities The US economy is likely to have grown fractionally faster in 2015 than in 2014 (2.5% versus 2.4%), but by less than expected at the start of both years. Although slow-ish by historical standards, 2.5% is consistent with what we believe to be the economy's sustainable growth rate. This contrasts slightly with the eurozone. While its growth rate has impro...