BNP Paribas has raised its 2015 US GDP forecast to 3.3% from 2.9%.

Economists at BNP have also lowered their inflation forecast to a paltry 0.8% from 1.4%.

The only reason the Fed has to hike is restock some gunpowder and to curb some of the financial risks but its mandate is inflation and 0.8% is a dangerously low headline number.