“Easy” is relative

The Fed has made it clear it plans to follow December’s rate hike with further “removal of policy accommodation.” But just how much accommodation is there left to remove?
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Iceberg, right ahead!

There’s a glacier out there. It isn’t going to sink your boat, but it is sitting in the middle of the household balance sheet, freezing the income on savings.
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Comfortably insulated

Britain’s vote to exit from the European Union has caught markets wrong-footed. We saw firsthand the negative effects of the overhang of macro events earlier this year – China’s slowing growth, falling oil prices and Federal Reserve policy speculation.
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