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In our December 2016 year end review we wrote, "No forecast now, no forecast until April. We can't recall another time in the last 30 years that we were so uncertain about what to expect from the US government, and how that would affect the key drivers of stock market returns - revenues, earnings and interest rates.
Read MoreThe news of the month was an "emergency" cut of 0.75% in the Fed Funds rate on January 22nd, followed by an additional 0.50% cut on January 30th, for a total of 1.25% in a week. This is the largest reduction in the Fed Funds rate ever.
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