Scott Minerd, global chief investment officer of Guggenheim Partners, which oversees $220 billion, tells TheStreet's Scott Gamm he expects the Federal Reserve to raise short-term interest rates in September. 'I think the Fed will take preemptive action so that it can't be accused later of falling behind the curve,' he said. Minerd attributes the volatility seen across the markets in recent months to the uncertainty over when the Federal Reserve will undertake its first rate hike since 2006. Minerd also shares insight on why international stocks look more attractive than U.S. equities and what sectors to watch in the coming years.