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Financial markets in 2016: From the « 3D » to the « 3R », a shift in market paradigm – is it going to last?

Three forces collided at the turn of 2015-2016 to make markets extremely anxious. First, the Fed stuck to its promise to start a tightening cycle in 2015, with an in extremis hike in December 2015. The accompanying “dot plot” priced in four more hikes for 2016.