Much of Wall St still believes in Sept rate hike

Rate hike still on table? Bank thinks so

If it's true that the market hates uncertainty, than the Federal Reserve is on its way to becoming public enemy No. 1.

Wall Street can't seem to make up its collective mind about when the U.S. central bank is going to start raising interest rates, with strategists and economists stuck on September and traders focused on a later date, possibly not until 2016.

The latest salvos in the intensifying debate came from Citigroup and JPMorgan Chase, both of which opined Tuesday that the first rate hike in nine years likely will come next month.

"Notwithstanding the declining probability for a September move priced in the fed funds market, signs of market containment and lack of prolonged global systemic fallout implies the September timetable for a Fed liftoff remains," William Lee, head of North America economics at Citigroup, said in a note to clients.