Yesterday’s FOMC Minutes, today’s Fed speeches from Fischer/Lockhart and the USD price action in relation to how much of the hike has been priced in, are all coming together to shout December. Data out of the US including last night’s Philly Fed Manufacturing Index and Unemployment Claims both continued to highlight the strength of the US economic recovery and markets are now sure that the time has come. We got this from the Fed’s Fischer early this morning: “The Fed has done everything it can
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