Markets across the globe have become obsessed about the next move from the U.S. Federal Reserve. Asset classes have been turning in an instant on the smallest of speculations about the U.S. economy or comments from members of the Federal Reserve.
But this fascination with the Fed has been growing in the past few years with global markets paying a lot of attention to U.S. economic data such as jobs reports and analyzing statements made by the Federal Reserve chair Janet Yellen. So will this obsession ever end?
"The obsession is not so much with one rate hike per se but about second-guessing how other investors and markets would react," Alastair Winter, chief economist at Daniel Stewart told CNBC via email.
"If the FOMC hiked this month, which I doubt, and said that's all for another nine-12 months, which I doubt even more, nobody would care very much. However, because FOMC members are talking all the time about more than one hike and 'a return to normality' the investors do have to think that through: a sort of worst case analysis of a market funk."