Dear Shareholder

"For the 12-month reporting period ended December 31, 2015, yields on taxable money market securities remained at historically low levels. Short-term interest rates stayed near zero percent until December, when the Federal Reserve(the Fed) ended months of speculation by raising the target federal funds rate. It was the first time in nine years that the central bank moved to increase rates and it signaled confidence in the U.S. economic recovery."

 

Imagine that.  Nine years to signal confidence in the U.S. economic recovery when the recession was officially over in June 2009.  President Obama has kept the business cycle in constant disarray, especially with the health insurance situation, with investors holding back and small business, the engine of the economy, afraid to hire or expand.  Meanwhile, investors were kept calm by the Fed artificially keeping interest rates low.