As part of a mandatory training programme for thousands of employees, US Bancorp recently asked them: “What were you doing in the summer of 2006?” For many of them, the answer was trading baseball cards and studying for exams – not trading bonds and studying the tables for variable mortgage rates.

When the Federal Reserve raises interest rates, possibly as soon as September 17, it will mark the first upward move in almost a decade and the first move of any sort since 2008. In other words, it will be a foreign phenomenon for a large swath of Wall Street and the banking industry.