Ruffer duo: Expect 'treacherous' exit from zero-rate policy

Fed expected to hike next month

Hamish Baillie and Steve Russell (pictured), managers of the Ruffer Investment Company, have warned investors should expect a "treacherous" exit from zero interest rates as the Federal Reserve is expected to pull the trigger on rate hikes next month.

In their latest monthly investment commentary, the duo said "hawkish noises" from the US central bank signal a rise before the end of 2015, the first interest rate move since 2008, but warned on the outcome as the Fed adds to its "policy mistakes". "Across the Atlantic, the ‘will they, won't they' two-step on rate hikes has pirouetted once again and the Fed governors are now making hawkish noises, signalling a move before the year-end. "This time around markets have reacted positively to this development and the signal it sends over the Fed's economic confidence. "Additionally, it ...