Institution: The Federal Reserve raising interest rates seems unlikely and may harm the economy.

SEI's Jim Smigiel stated in a report that, given the Federal Reserve's dual mandate to achieve maximum employment and stable prices, "we believe that a direct rate hike is unlikely, as this could have negative impacts on the country's economy and ultimately on the labor market." Smigiel said that since other global central banks have not formally taken on a dual mandate, they are more likely to focus on price stability, making rate hikes in those regions more probable. "Nevertheless, we expect global central banks to follow the Federal Reserve to some extent, as a significant deviation from the Fed's rate path could disrupt the stability of foreign exchange and capital markets in other regions."