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The year 2016 likely will be remembered for the election of Donald Trump as the 45th president of the United States and the Brexit vote.  This year also saw the Fed raise interest rates for the first time since last December, noting that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since midyear.  While inflation remains below the Fed's target of 2.0%, the Committee expects inflation to rise to its target level over the medium term on the heels of anticipated improvements in energy and import prices and continued labor strengthening.  Equities began the year hitting the skids as receding oil prices and a plummeting Chinese stock market pushed stock prices down and bond prices up.  By midyear equities had recovered, despite Great Britain's decision to exit the European Union.  Following the results of the presidential election, stocks surged to new highs.  Whether this trend continues in 2017 remains to be seen following President-elect Trump's first few months in office.
 
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