UBS Expects The Fed To Hike In September & December, Vs. Unchanged Previously UBS has changed its Fed rate call. Chief US economist Jonathan Pingle expects the Fed to raise rates on Sept. 16 by 25bp to a range of 3.75-4.00%, and then to raise again on Dec. 9 to 4.00-4.25%. Jonathan’s decision to change his call from unchanged at both meetings relates to both Chair Warsh’s Jackson Hole speech and then last Friday’s strong 162k payrolls report. Jonathan notes that very much depends on August CPI this Friday coming. He also noted that knowledge of Warsh’s reaction function continues to evolve.(zerohedge)