Analysts at the Royal Bank of Scotland (RBS) points out that the minutes of the latest Federal Reserve meeting in October revealed the committee was pretty sanguine about the U.S. economy, thanks largely to continued positive consumer spending and a firm labour market.

• “Risks remain “tilted to the downside”. In particular, concerns persist that the ongoing global slowdown could percolate to weaker domestic demand via slower hiring, threatening household spending, the mainstay of US growth. The current level of elevated US corporate debt and a potential widening in credit spreads via worsening credit quality were also mentioned.”