The latest from Jon Hilsenrath in the Wall Street Journal (gated):

  • Federal Reserve meeting next week is likely to see officials “affirm their plan to start raising short-term interest rates in 2015″
  • Could begin the run-up to liftoff by dropping their assurance that rates will stay low for a “considerable time”
  • Senior officials have hinted they’re looking at dropping this closely watched interest-rate signal, which many market participants take to mean about six months

Hilsenrath cites Fed Vice Chairman Stanley Fischer in an interview with The Wall Street Journal last week:

  • “It’s clearer that we’re closer to getting rid of that than we were a few months ago”

Well, yeah … given the inexorable passage of time and such, it is clearer.

And, more:

  • New York Fed President William Dudley has avoided using the phrase in recent speeches and instead said the Fed should be “patient” before raising rates

Earlier today: