Without question, 2016 was the year of the big surprise. Or to be more accurate, surprises.

The biggest surprises were the Brexit decision in late June, when—despite all expectations to the contrary—the UK electorate voted to leave the EU, sending markets into a tailspin for a few days while pushing sterling lower. Then, just when markets appeared to have regained their footing, the US electorate provided the next, possibly even bigger curveball—the unexpected election of Donald Trump as 45th President of the United States.

Perhaps not a bombshell by the time it occurred, but nevertheless surprising in light of how long it took to play out, the Fed finally raised interest rates at the end of 2016, only the second time it hiked since 2006, after indicating at the end of 2015 that four hikes would probably occur in 2016.

Taiwan says China air force conducts long-range drills

TAIPEI (Reuters) - Chinese military aircraft on Saturday flew over waterways near Taiwan as part of long-range exercises, Taiwan said, the first such flights since a telephone call between Taiwan's leader and U.S. President-elect Donald Trump irked China.

China claims self-ruled Taiwan as its own and has never renounced the use of force to take back what it deems a wayward province.

Trump's call with Taiwan President Tsai Ing-wen on Dec. 2 was the first between a U.S. president-elect or president and a Taiwan leader since President Jimmy Carter switched diplomatic recognition to China from Taiwan in 1979.

China lodged a diplomatic protest over the call and blamed Taiwan for what it called a "petty" move.

But there was no indication the exercise by its military aircraft on Saturday was a response to the telephone call.

Stocks And Bonds Test 20-Year Inflection Points

Below looks at the patterns on the S&P 500 and the yield on the 10-year note -- Inverted to look like bond prices -- since the late 1980s. A rare test of support and resistance by stocks and bonds is now in play.

S&P 500 (top), 10-Yr. T-Bill Yield

Ustawa z dnia 12 maja 2011 r. o kredycie konsumenckim (Dz. U. z 2016 r. poz. 1528).

Ustawa z dnia 14 września 2012 r.o zmianie ustawy o kredycie konsumenckim oraz ustawy o odpowiedzialności podmiotów zbiorowych

Dyrektywa Komisji 2011/90/UE z dnia 14 listopada 2011 r. zmieniająca część II załącznika I do dyrektywy 2008/48/WE