The big question for lawmakers in Washington is not how the Fed plans on backing out of its de facto “no-interest” policy it has enacted since the September, 2008 credit collapse, but WHEN this will take place.  Bloomberg’s Business Week outlines a possible when, just after the election (conveniently):

It’s a toss-up as to whether the Fed raises rates ahead of the election, according to Feb. 16 prices on the Chicago futures markets. Traders peg the chance of a rate hike at the Fed’s Sept. 21 meeting at a bit under 50%. The odds of a move at the central bank’s subsequent meeting, however, jump to about 2 in 3. It’s easy to see why: The meeting is scheduled to end the day after Americans go to the polls.

http://www.businessweek.com/magazine/content/10_09/b4168012726526.htm?campaign_id=rss_topStories