These benchmark bank rates are used to price all sorts of mortgages and loans and a rise is seen as likely to have an impact on the availability of credit in a country's real economy.
Stock markets have previously reacted badly on the prospect of a rise with the belief that expensive credit could cause an end to a six-year bull run in equities. David Rubenstein, the co-founder and co-CEO of The Carlyle Group, told CNBC Tuesday that stock markets could "ease a bit" over the next six to nine months with the Fed edging its rate higher.
There are those that are still a little concerned by the possibility that the Bank of England could be readying a move. Carl Weinberg, chief economist at High Frequency Economics, said in a note Wednesday that a series of figures in the U.K. were still showing weakness in its economy.
"Hiking interest rates now would be daft," he said, highlighting the U.K.'s large current account deficit.