Bob Michele, Chief Investment Officer of Global Fixed Income at JPMorgan Asset Management, said the Federal Reserve is unlikely to raise interest rates this week, but it will probably send a hawkish signal in December.

Speaking at an event in Singapore, Michele said the Fed "will signal that it is still in a rate-hiking cycle. This will benefit the long end of the yield curve, because the market wants the Fed to remain vigilant about inflation risks, and real yields are currently too high."

He said, "We believe the US Treasury yield curve should move toward the middle of the 4% range. As for the 10-year and 30-year maturities, I think yields will be between 4.5% and 4.75% over roughly the next three to six months."