New York, September 16, 2015 -- A rise in the short-term interest rate target by the Federal Reserve could occur tomorrow. If not, it will very likely occur in coming months. Such a move would reinforce our view that the US economy is on track for above trend growth, likely to reach a cyclical peak in 2016. While higher US growth supports improved growth expectations in most advanced economies, we do not expect the Fed action to have a significant impact on interest rates or currencies of other developed countries. However, when it occurs, a Fed move will contribute to downside risks for some emerging market sovereigns, particularly those that are more reliant on foreign investors to meet their operating and capital financing needs.

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