Below are the key points for the month:

• As expected, the US Federal Reserve raised interest rates in December. However, the Fed also revised down its rate projection for 2019.
• Global government bond markets enjoyed broadly positive returns in December. Conversely, returns from corporate bonds were mixed, as Investment Grade outperformed High Yield.
• Continued concerns over global trade and slowing economic growth contributed to global equities posting sharp declines in December, led by US equities.
• Australian equities also suffered losses, however outperformed on a relative basis.