The Federal Reserve will begin its two-day meeting on Dec. 15 to decide on the rate hike. Traders expect an 85 percent chance the Fed will lift its target rate range to 0.25 percent to 0.50 percent from the current zero to 0.25 percent, according to CME Group’s FedWatch program. Global stock markets were volatile on Monday as China’s yuan hit a multi-year year low and oil slid to a 11-year low.