Danske Research reviews today's October FOMC decision and press conference.

"The Fed left policy rates unchanged at 3.75-4.00% at its October meeting, in line with consensus and our expectations. Two members dissented, voting in favour of a rate hike. Even though the market reaction was to the dovish side, we read Warsh's comments on the economic outlook as hawkish," Danske notes.

"Therefore, we think the case for further hikes remains strong, and we maintain our call for two 25bp hikes at the December and March meetings. We see risks tilted towards more than two hikes," Danske adds.