One & Done? Up or Down?

(1) An old adage. (2) Yellen is a classic “two-handed economist.” (3) 2016: Déjà vu all over again. (4) 2-year Treasury divines the Fed’s future moves. (5) Flat yield curve is in none-and-done camp. (6) No recession in credit-quality yield spreads. (7) Will the buck stop here? (8) ECB and BOJ remain much more dovish than Fed. (9) Oil prices remarkably firm given gushing US oil wells. (10) EMs get a boost from Fed pause. (11) A deal with China could provide a short-term boost to Go Global investment strategy.