A number of sell-side economists have pushed back their estimates of when the Federal Reserve will deliver its first interest rate hike in light of the chaos in global markets. Tighter financial conditions—such as higher rates, a stronger U.S. dollar, wider credit spreads, and lower equity prices—tend to trickle through to the real economy and have a deleterious effect on growth. Goldman Sachs, for instance, estimates that the cumulative effect of the U.S. dollar rally since the second half of 2014 and the recent upheaval in equity and credit markets will amount to a 0.8 percentage point drag on real GDP growth by ... (full story)