We’re almost to the FOMC meeting that many have been looking toward as the possible instance of the first rate hike in years. At least, that’s what many thought before the big market selloff in August. Now it looks like the consensus is for no hike until at least December.

Some observers, like Cullen Roche, think that the idea the Fed would even consider raising rates right now is indefensible. But you can also find a twitter campaign exhorting the Fed to #JustGoForIt.

Over the past few years I’ve come around to the view that many of the Fed’s actions have much less effect on the real economy than most think. Sure, if they raised rates to 10% this week that might lead to some rather nasty consequences, but I think that much like the later rounds of QE, a small rate hike isn’t going to do much – to the economy, I mean. Markets are a different story.

Anyway, I’m going to go out on a limb and predict that we do see a (tiny) rate hike this week, along with guidance telling us to expect the Fed to be patient with further raises. I figure I’ll be wrong.