Is now time for a Fed rate hike? Here are 2 clashing views

FILE - In this June 17, 2015 file photo, a television screen at the trading post of specialist John Parisi, left, shows the decision of the Federal Reserve, on the floor of the New York Stock Exchange. Nine years after they last raised their benchmark interest rate and after months of feverish speculation, Federal Reserve policymakers this week may finally raise that rate from a record low near zero. (AP Photo/Richard Drew, File) FILE - In this June 17, 2015 file photo, a television screen at the trading post of specialist John Parisi, left, shows the decision of the Federal Reserve, on the floor of the New York Stock Exchange. Nine years after they last raised their benchmark interest rate and after months of feverish speculation, Federal Reserve policymakers this week may finally raise that rate from a record low near zero. (AP Photo/Richard Drew, File)

By Associated Press September 16, 2015 7 min read

WASHINGTON (AP) – For seven years – through political fights, Europe debt crises and market panic – investors could count on one thing: Short-term U.S. interest rates would stay locked near zero.

Such was the will of the Federal Reserve, which remained wary of the economy’s durability long after the gravest recession since the 1930s had ended.

Now, with a vastly strengthened economy, the Fed is weighing whether to start phasing out the era of easy money on Thursday. It would be its first rate hike since 2006. Awaiting the decision, markets have been gripped by tension.

Ask some economists, and they’ll tell you now is the time for a hike. Not so soon, others say.

Here’s the case for a rate hike now – and the case for delaying it – as summarized by two AP reporters.