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This is what could tip Fed's hand

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Closing Bell Exchange: Disappointment to come

Financial markets have become the story for the Fed next week.

After another day of searing volatility, traders will look past economic reports Thursday and the normal triggers of market movements to see if conditions stabilize, creating an environment where the Fed would be more comfortable hiking rates for the first time in more than nine years.

"I think what people are going to focus on is are we in an extremely volatile period for the next couple of weeks, and if we are I think this is a Fed that feels like it can be patient," said Rick Rieder, chief investment officer, fundamental fixed income at BlackRock. He said the odds of a rate increase at the Fed's Sept. 16 and 17 meeting is now less than 50 percent, but would increase to 50 percent if the markets stabilize.