Companies and countries whose fortunes are tied to commodities could see their borrowing costs climb as an interest rate increase by the U.S. Federal Reserve exacerbates the impact of lower raw material prices, top asset manager Schroders warned on Wednesday.
"Tighter dollar liquidity is going to put quite a lot of pressure on companies who survived the last year with commodities prices having fallen," chief economist and strategist for Schroders, Keith Wade, told CNBC's "Street Signs" on Wednesday.
"As they look into next year, they are going to be asking themselves: are commodities prices going to recover, are our banks going to continue to fund this if dollar liquidity is tightening? ... The answers to those questions might be a bit more difficult."
Schroders oversees $446.5 billion in assets.