Here's the New York Minute.

It's been an extremely positive day for stock markets across the world,

the Dow Industrial is nearly at the 20,000 level,

and it's also been a good day for bond markets with bond yields falling,

which is all very intriguing, because as you can see from the two-year treasury yield, which is at its highest since 2010,

markets have completely braced for a rate hike from the Fed when the FMC beats tomorrow.

The big question, as you can see from the Fed funds futures market

is what signals we get as to what will happen after that.

At the moment, we have a roughly one in three chance that there's only one rate hike next year,

but also a one in three chance that we get as many as three rate hikes next year.

Listen to what Janet Yellen says about that.

But why the positivity?

Ultimately, even if people don't quite realize it,

it's because of China.

We take a look at the MSCI World Index, that covers all the main developed markets.

For companies that get most of their sales from China,

you can see they've done it terribly for a long time,

but turned upwards earlier this year.

Maybe we should be paying more attention to China than to Washington DC.

And that's the New York Minute.