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Given the Federal Reserve's dual mandate of supporting maximum employment and stable prices, "we view outright rate hikes as unlikely due to their potentially negative impact on the economy and, ultimately, the labor market," SEI's Jim Smigiel says in a note. As other global central banks, for example, the European Central Bank, aren't officially tasked with a dual mandate, they are more likely to focus heavily on price stability, making rate hikes in these regions more conceivable, Smigiel says. "Nevertheless, we expect global central banks to follow the Fed's lead to some degree, as major deviations from the Fed's rate path could destabilize other regions' foreign exchange rates and capital markets."