The Federal Reserve was not expected to raise interest rates this week, but it is strongly fancied to do so at its December meeting, echoing a similar move a year ago. Then, the Fed’s move prompted a panic in markets that ended only after it moved to calm interest rate expectations as the US economy went through a soft patch and amid concerns over the global economy. Things look different this time and, if the Fed does raise rates again, the US dollar will benefit and we may finally read the burial rites for a 35-year bull market in bonds. Even if next week’s election result throws things out of kilter for a while, the Fed’s influence is being joined by the rising significance of…Read more: