Aberdeen expects the Fed may raise rates in December and March.

Aberdeen Investments said that Federal Reserve Chair Kevin Warsh remained optimistic about the U.S. economy at the latest policy meeting, but also reiterated that inflation is still too high. "We still expect the Fed to raise rates further in December and March, with a terminal rate of 4.25%-4.50%, which we view more as precautionary hikes rather than aggressive measures to suppress demand in response to high inflation," emerging market economist Michael Langham wrote in a report.