Westpac Economic's weekly video update

This week, financial market's focus was squarely on China, with the Caixin PMI disappointing again. The detail also provided little cause for optimism. ECB President Draghi held off on affirming a need for further policy action for the time being, preferring instead to see how global developments transpire. An early shoot meant we recorded our update ahead of Chair Yellen's overnight address. However, the key takeout from that speech is the following: "Most FOMC participants, including myself, currently anticipate that achieving these conditions will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter." Ergo, a December first hike is firmly in view.