Equities ended their worst year since 2008 with widespread losses, while a modest upward shift across most of the yield curve drove negative returns in fixed income. The Fed finished a year of historically steep rate hikes with a 0.5% increase in its policy rate and reiterated its commitment to restore price stability through restrictive monetary policy. The US dollar depreciated against a basket of currencies as currency markets see limited room for the Fed to raise interest rates much further.