The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque
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Will the US ever raise interest rates again?Second, economic data has disappointed, not just in the US but in the UK too, the other industrialized economy where rate-rise expectations have been pushed back.This month's Bank of America Merrill Lynch survey reported that 47 per cent of investors think the Fed will raise rates in 2015, down from 58 per cent in September, when fund managers warned of looming recession.Fourth, some of the most accurate forecasters in the bond markets are implicitly pointing to US rates remaining near to zero next year. If Mr Major is correct again, it suggests the next rate rise may not be until at least 2017 when the US recovery, assuming it lasts that long, will be in its seventh year.Of course, data could strengthen to make a December rate rise more likely.
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