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Fed leaves markets guessing on rate hike timing, but December looks possible

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Strong data could prompt a rate hike: Liesman
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Bond market reaction to Fed
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Market reaction to Fed decision

The Federal Reserve acknowledged an improving economy, but gave no insight into when it might hike rates, leaving markets to continue to focus on a December time frame as most likely.

Some economists said the Fed left the door open for a September hike, but market reaction was muted and strategists said it still looks like the markets believe December is more likely.

"They upgraded the economy a little bit, which they should have because the data is better. They maintain that they're monitoring global economic and financial conditions. They didn't hint at September at all. I think that gets everyone focused on Jackson Hole to see what's next," said John Canally, market strategist and economist at LPL Financial.