Calls grow for Fed to hike rates in March

Why cheap money is not helping markets: Pro

Just weeks after Wall Street was preparing for the impending apocalypse comes talk that now would be a good time to raise interest rates.

There's virtually no chance of that happening — literally zero, according to the CME's FedTracker tool. The Fed, at its meeting next week, instead is likely to explain in its closely followed code that it won't be hiking its rate target as it believes current financial conditions warrant a pause.

However, a small but growing chorus on the Street believes the Fed is missing an opportunity. They contend that the volatility that hit markets from mid-2015 through the early part of February has past. Employment gains have continued, energy prices have bounced and the has jumped more than 7 percent during the period.

Read More Suddenly, the market sees growth—and rate hikes

So, the reasoning goes, the Fed should follow through on its expressed intentions to raise rates four times this year, starting with the Federal Open Market Committee's meeting next Tuesday and Wednesday.

"All things considered, if the FOMC was starting with a blank slate next week, we suspect that officials would vote to raise interest rates," Capital Economics said in a note to clients this week. "But it is not and the Janet Yellen-led FOMC has repeatedly shown itself to be unusually hesitant in making policy changes and very reluctant to upset financial markets. "