And the Fed has spoken. As what I suspected (and I believe most of us did too) the Fed held unto raising rates. They cited a recovering US economy but also raised concerns on the broader economy especially China and other Emerging Markets. Was there something in the data that the Fed picked up on in which many of us may not have realised? The answer is still unclear but it was spooky enough to have sent the Dow Jones Industrial Average down 200 plus points yesterday evening.

So now we ask, where do we go from here to the end of the year and to 2016? I feel that the Fed most probably should raise rates a little towards the end of the year, and at 25 basis points for a start. Interest rates need to be normalised to around 2-3% and they cannot stay at zero infinitely.

What …