The Federal Reserve Board’s Open Market Committee will be meeting in September. The Wall Street gamblers have been egging the Fed to change its current course and to start raising interest rates. Speculators have been trying to see if they can urge the Fed to “return to normal” with more interest rate movements at play. In part this will add another gaming table to play on, but some of them have been holding their positions in the invisible derivative markets on when interest rates will move again as the Fed unwinds its current high holdings of Treasury notes in reserve. They try to make arguments sounding as if they care about the state of the economy by conjuring the inflation boogey monster. With continued low and falling oil prices and stagnant real wages, they have instead begun to argue that interest rates need to go up, because it is only inevitable that at some time they must go up.