by Calculated Risk on 12/13/2015 07:47:00 PM

From Jon Hilsenrath at the WSJ: Fed Officials Worry Interest Rates Will Go Up, Only to Come Back Down

Federal Reserve officials are likely to raise their benchmark short-term interest rate from near zero Wednesday, expecting to slowly ratchet it higher to above 3% in three years.

But that’s if all goes as planned. Their big worry is they’ll end up right back at zero.

Weekend:
• Schedule for Week of December 13th

• FOMC Preview and Review of Projections

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are unchanged and DOW futures are up slightly (fair value).

Oil prices were down over the last week with WTI futures at $35.62 per barrel and Brent at $37.93 per barrel.  A year ago, WTI was at $58, and Brent was at $61 - so prices are down almost 40% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.01 per gallon (down about $0.55 per gallon from a year ago).  Prices should fall under $2.00 per gallon soon.