Hilsenrath: What does Fed signal after hike?

The latest from the WSJ Fedwatcher

Hilsenrath writes today that hiking might be the easy part of the FOMC decision. The battle may be to communicate what happens next.

"Fed officials want to signal they expect to proceed slowly and cautiously before raising rates again," he writes. "They don't want to lock themselves into a preset course of action. They want enough flexibility to move rates more quickly or not at all if economic conditions warrant a change of plans."

He said updated projections of interest rates will play a key role in the communication.