With the US economy stabilising over the past few years since the financial crisis, and a December rate hike looking increasingly more likely, the US recovery is underway.
There has been an increase in growth rate volatility, uncertainty of currency direction, and lack of clarity on interest rates this year, writes Douglas Burtnick, Aberdeen's deputy head of North American equities.
Tom Slater, co-manager of the £3.6bn Scottish Mortgage trust, will take over the role of head of the North American team at Baillie Gifford.
US stocks had a disappointing first three quarters of the year and volatility jumped as Federal Reserve uncertainty and Chinese growth concerns rattled investors.
New hires to take over in November
The reason for the Federal Reserve's caution on rates could be closer to home: US unemployment is simply higher than headlines suggest.
Recent stock moves in the US could lead one to believe economic conditions have deteriorated substantially and the American economy is set for a severe setback.