Newsletter Q4 2015

After several years of the Federal Reserve (“Fed”) maintaining a zero interest rate policy, it elected to raise the federal funds rate by 0.25% this past December- the first hike in a decade. The move was widely anticipated and telegraphed by the Fed. Conversations turned quickly toward anticipation and timing of the next raise. We think we will be having this conversation for months, if not years, to come. However, that doesn’t mean it has imminent bearing on our overall investment strategy decisions.