�Our forecast remains that a first hike will take place in December. Yet the chances the Fed hold fire until 2016 have increased. The decision indicates that the FOMC needs more time to gauge the impact of the slowdown in Emerging Markets and higher market volatility on the US economy, after updated projections for GDP, CPI and policy path were revised marginally downwards.�
�Against this backdrop, eyes turn to the Eurozone where the ECB�s communication is more and more dovish. The European Central Bank will present its updated projections in early December, a good opportunity to unveil changes to the QE program�just before the December FOMC meeting.�
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