Fed officials to give indications when September gets closer

US June inflation assessment included a reference to stabilization in energy prices and this is likely to be removed. On balance, the statement is expected to be fairly neutral. 

As this week's meeting will be through and the September gathering comes into view, will the Fed give any indication that a rate hike is coming? 

"The Fed does not want to surprise the markets and would not hike unless the implied odds are well above 50% going into the meeting. The hope is that the data will evolve in such a way that the decision becomes obvious and is priced in ahead of time", according to Societe Generale. 

If the case is less clear-cut, Fed officials could give subtle indications as September is getting closer. The August employment report will come out on September 4 and the quiet period will begin about a week before the September 17 FOMC announcement, thus giving Fed officials a narrow window of opportunity to communicate their sentiments to the market.