On June 29, 2006, the Fed did something it would not do again for (at least) nine and a half years: it hiked rates by 25 basis points, its 17th consecutive rate hike. Everyone knows what happened after.
On December 16, 2015, the Fed is expected to do something it hasn’t done for 3,457 days: hike rates by 25 bps, ending the longest period in US history (84 months) of zero interest rates.
How has the world changed in the interim? Some quick observations from BofA: