Jon Hilsenrath in the Wall Street Journal on the FOMC this week

  • Says the Fed is widely expected to announce no change to rates at this week's meeting
  • Says this leaves December as the last chance to raise rates this year

The timetable poses twin challenges for Fed Chairwoman Janet Yellen: Deciding whether the U.S. economy is ready for an interest-rate increase, and signaling central bank intentions without causing further market confusion.

... With attention now focused on whether the central bank will act before year's end, the pressure is on the Fed to better manage expectations for rates and the U.S. economy.

And ....

Fed governors in Washington ... want to delay a rate increase while pushing back against regional bank presidents eager to get started.

The Fed's uncertainty is contagious. A Wall Street Journal survey of market economists this month found that 64% believe the Fed will raise rates by December. Futures markets put the odds at 35%.

What a mess ....

The article is here, may be gated: The Fed Strives for a Clear Signal on Interest Rates