The minutes of the last Federal Reserve meeting were pretty convincing for Deutsche Bank, which decided to join the consensus expecting an interest rate hike in December.
"We are now in the December liftoff camp," economists at Deutsche Bank said in a note Wednesday after the release of the Federal Open Market Committee (FOMC) meeting minutes. "The October meeting statement hinted at the Fed's strong desire to raise rates at the December meeting."
The will-they-or-won't-they Fed tug-of-war has raged for much of this year, with markets often gyrating on fears over potential side-effects of the first U.S. interest rate hike in nine years. Emerging markets have been particularly hard hit by fund outflows as higher U.S. interest rates mean that investors can likely find higher, less-risky returns elsewhere.