December global macro themes on one page

The month really began with the ECB announcement of lower rates and QE extension and will end with the FOMC meeting. Of course there will be almost two weeks left to the end of the year but with holidays coming, there will not be any new information that will drive the markets. Firms will start cleaning the books and preparing for 2016 where the major macro theme will be the Great Divergence in monetary policy between the Fed and ECB and to a lesser extent other central banks. This is a crowded trade but will still be the macro focus for most of the year.