Volatility was the theme for 2015, as global financial markets were roiled by exogenous events coupled with fear of the unknown, in particular the extent and size of future Fed rate hikes. Global economic growth has been anemic as almost all central banks have either remained on hold or eased further. One exception to the rule was the US, where 2016 expected GDP growth of close to 2.5% allayed Fed concerns enough to warrant a rate hike of 25 bp’s in December. Should the US ex