Minimum wages rise in the USA and somewhere in Europe (Germany zum beispiel) have the potential to move the expected inflation rate in the next two years in a non-irrelevant way.
The Federal Reserve could be more confident that perceived in rising rates in the next future (still moderately), letting the dollar strengthen some more an relieving the urgency for the Bank of Japan and the European Central Bank to push more on the monetary side.
If the above is true, than we could have two outputs to consider in the next future, a positive and a negative one.
Starting with the positive, the low rates environment should not worsen; the additional damage to the financial sector of the economies (banks and insurances) could be finished. The negative one could be a sharply negative market reaction generalized to all asset classes.
When could this happen? Any day, but preferably after the USA elections.