You see it from fed funds telling us we have about a 50/50 chance for a December rate hike. With balance sheet normalization, I think 100 percent they want to make the announcement in September. A December rate hike is a very high probability unless inflation continues to soften and they think it's the wrong thing to do. ""The market was pricing a near-zero percent chance of a rate hike at today's meeting, so the no-rate-hike decision should be no surprise. Investors are already trying to anticipate not only the next rate hike but the initiation of quantitative tightening as well.

Source: Economic Times July 26, 2017 18:39 UTC