Only a few weeks ago, a growing majority seemed to think that a September rate hike by the FOMC was inevitability. My, how things have changed.

In a new note out this week, Citi Research analyst William Lee took a look at how the past week of market instability has affected the potential for a September hike. Lee also mentioned one major “wild card” that remains up in the air.

China’s Influence

It’s no secret that the primary source of the recent global market turbulence has been China. However, Lee believes that China, as a stand-alone entity, would have very little influence on the FOMC rate-hike decision.

“Our trade links with China and Asia in general are too small to influence the Fed’s decision unless there is spillover into the rest of the world that induces a global recession,” Lee explained.

September Hike Remains On The Table

Despite recent worries, Lee sees…

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