The US Federal Reserve’s Janet Yellen is sticking with her expectation of having to lift the US base rate before the year’s end. At a conference in Cleveland, the chairwoman repeated that any rise in the rate would be gradual. Of course, depending on macro statistics, the situation with Greece and other factors, the rate could be raised either a little later or a little earlier. However, there is no avoiding the fact that the rate will be raised. This change in interests rate will in itself have a much larger impact on world financial markets than, for example, the ongoing crises in China or in Greece.
A growth in the rate will unavoidably lead to a strengthening of the dollar against all key currencies and, most of all, against currencies of developing countries. This means a fall in commodities prices.