‘Twas the day before Christmas,

So we’ll take our cue,

To provide our blog readers,

With a year in review.

For Russia and Ukraine,

The tensions ran high,

Investors grew wary,

Putin faced sanctions on nigh.

And voters in Scotland,

Were put to the test,

Independence at stake,

But "together" was best.

Abenomics launched,

And Japan's sales tax rose

Will this prove effective?

Nobody knows.

While emerging markets did fail,

To keep up with the pace,

World's markets still rose,

On USD good grace.

As China unwinds,

Its credit bubble agony,

Now it’s on track,

To be the “largest world economy.”

But the U.S. surged forward,

And now tapering slows,

With signs of momentum,

Will interest rates grow?

“Bond yields must rise!”

“Bonds, they are dead!”

Yet none of this happened,

They rallied instead.

And ten years ago,

Who would have predicted

Central bank guidance

Would have us addicted?

Each time they act,

They cast a spell,

But the patient's still sick,

When we think he’s well.

And oil prices head lower

Where will they end?

With this home country’s impact,

Going global's your friend.

But with all of these changes,

Our worries are light,

With a resilient approach,

All will be right.

So to all our blog readers,

May you be filled with good cheer,

Merry Christmas to all,

And to all a good year.

Your Team at Mawer