Aberdeen Asset Management chief executive Martin Gilbert told CNBC in an interview that the US Federal Reserve needs to “get on with it” and hike interest rates.

The Federal Reserve is expected to leave rates unchanged at the end of a two-day meeting on Wednesday, but investors will assess Fed Chair Janet Yellen’s speech for any clues on the timing of the next rate hike.

Gilbert said: “I think the Fed do have to get on with it because they’re in a difficult position — if they don’t do it people will think they know something that we don’t … and we’ll see a bit of panic at that stage.

“So I think if they do a modest rate rise this year then that’s expected, I think it’s in the price, and I think it will be well received.

“But I do think interest rates globally are going to remain low for longer and I wouldn’t expect to see another rate rise from the Fed until next year.”