A rise in US interest rates may come sooner than we thought

While a rise would suggest growing confidence in the US economy, it risks giving global investors a chill

Bang, there goes 100 points off the FTSE 100. Suddenly, the index is within 60 points of 6,000, a level last seen in late-February, which was roughly when investors recovered from their new year fretfulness and decided the gloom, perhaps, had been overdone.

But memories of January's wobble are fresh and here's the US Federal Reserve with a reminder of how the alarm came about in the first place. Interest rates could rise next month, according to the latest minutes. An increase is far from being a done deal - a one-third chance, according to the futures prices - but September had previously been seen as the moment.