Indeed, this would still happen even if Donald Trump is elected as the 45th president of the United States, according to Saxo Bank's Head of FX Strategy, John Hardy.
"I think (a Trump presidency) actually does not really impinge on the Fed's decision making," he told CNBC on Wednesday.
As of late, the markets seem to have been pricing in a win by Democratic presidential candidate Hillary Clinton, however global stock indices and the U.S. dollar have come under pressure in recent sessions, as polls suggest Republican candidate Donald Trump is gaining ground.
"Let's say the dollar is on the defensive a bit — that actually helps the Fed to be able to hike rates because it has inflation implications and I think they would just lose all credibility if they skipped on that December rate hike," Hardy added.
"So I definitely see a December rate hike unless we're seeing a cataclysmic 1987-style correction in markets. I think we're moving towards that rate hike in December. The question is beyond December."