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

Britain’s vote to exit the EU 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.

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.