The Fed Is Doing Right Work — The Economic Policy Issues Are Some Other Place

To get there, there would have to be at least three more interest rate increases of 25 basis points.
Obviously, this scenario would be radically different if the Fed felt more confident about the implementation of meaningful economic stimulus measures.
Anticipating those events, the Fed would accelerate its schedule of interest rate increases to anchor inflation expectations and limit bond market problems.
So, the Fed sounds like it wants to change the subject and stay away from a policy argument.
The fact that it is not doing that simply means the Fed has serious doubts about the fiscal agenda and the rest of the proposed growth-enhancing actions.

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