Are Market Risks Shaping Fed, Emerging Markets?

Bloomberg Video

Nov.22 -- Minutes of the Federal Reserve’s November policy meeting are likely to confirm that officials were creeping closer to their first interest-rate increase in a year before the Nov. 8 election, and developments since have only served to bolster the case for a hike. Inflation was firming and the job market continued to post gains in the run-up to the meeting, but the U.S. presidential election loomed as a potential risk. Republican Donald Trump won the contest and his party retained control of Congress, which markets have taken as paving the way for more fiscal policy action that will lift inflation. Since Trump’s victory, federal funds futures have almost entirely priced in an increase. UBS Global Chief Investment Officer Mark Haefele discusses with Guy Johnson in London and Matt Miller in Berlin on "Bloomberg Markets: European Open."