While US consumer spending, job growth and Q2 GDP are strong, European inflation is stuck at 0.2%/year, Japanese GDP fell 0.4% in Q2/15, Indian growth was a disappointing 7% in Q2/15 and China continues slowing. This means central banks in Asia’s three largest economies and in Europe will all be easing monetary policy further. Against this backdrop, the Fed may wait till December to hike rates. It’s a close call.