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As was strongly anticipated by the market, the US Fed lifted the funds rate to 1.5% in mid-December.
The US economy appears to be operating near capacity, with an unemployment rate of just 4.1% and an underemployment rate of 8% – the lowest since 2006.
The recovery in Europe continues to defy expectations, with no sign of confidence diminishing despite political uncertainty in Germany and Spain.
The Chinese economy has also exceeded expectations in 2017, expanding by just under 7% in the first three quarters.
The Australian economy is being impacted by weak wages growth, but December saw an encouraging jump in consumer sentiment.