Supposedly, there’s confusion on what the Federal Reserve is going to do this month, regarding interest rate levels. The headline worries,

Why the Fed Is Expected to Hold Rates Steady Despite a Case for Raising Them

And the lede adds to the confusion:

The Federal Reserve is expected to hold interest rates steady this week for reasons that have as much to do with what Fed officials have said as with what the economy is doing.

Confusion. It’s mostly in the fervid imaginations of some who think they’re pundits. For instance, Robert Kaplan, Goldman Sachs Vice Chairman and ex-Dallas Fed president:

If they had wanted to hike in October, there needs to be more stage management than what they’ve done.

No, there doesn’t. Fed Chairman Kevin Warsh has already been clear that folks should listen to what the markets are saying and not to what Fed Governors or the Chairman say, or do not say. There needs be no stage management. There needs be only heeding this bit of Fed advice as diligently as pundits listened to Fed prior (spoon-fed) advice.