We have all been waiting for the day that the Federal Reserve (FOMC) has to make the decision to raise interest rates. Until now, it has been nothing more that speculation and conjecture.

According to Bloomberg, however, the odds that rates will be going up in September is rising sharply. They see those odds jumping to 52%.

CNBC reviewed the history of rate increases and shares that:

The stock market could be poised for a 10 percent decline as the Federal Reserve gets ready to hike interest rates for the first time in nine years, BlackRock Global Investment Strategist Russ Koesterich told CNBC on Monday.
See full article here: http://www.cnbc.com/2015/08/03/odds-of-a-september-fed-rate-hike-at-55-jpmorgan.html Even Donald Trump has an opinion on the subject, (shocking I know)

Update: Layoffs just hit a four year high according to this post from CNBC:

Benzinga did a great writeup on the impact of a September Fed rate hike:

Benzinga.com on Twitter

Get To Know The ‘Fed Hike Handbook’ $FED http://benzinga.com/z/5770426

So that leaves us futures traders asking the question… Will rates be going up in September and, more importantly, do we care?

Share your thoughts below.