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What a difference a year makes…
At the end of 2015, the Federal Reserve was backed into a corner and made a disastrous policy decision that negatively impacted the economy and the stock market. Failed forecasts for growth resulted in a policy and rate-hike path that increased the risks for deflation.
Somehow, we miraculously avoided the worst of deflation, thanks to central bank backpedaling and a quick reversal of its policy of rapid rate hikes in 2016.
While 2% GDP growth may not be anything to write home about, it sure beats the alternative: negative growth and recession.
And in November—surprise, surprise!—Donald Trump was elected. With Trump comes the anticipation of massive fiscal stimulus, something the Federal Reserve was all but screaming for, for much of the year. What does that mean for investors?