Fed patience to be tested, or not?

USA Today reports:

When the Federal Reserve breaks from its two-day meeting Wednesday, Wall Street will want to know whether it can keep its promise of "patience" as it relates to the start and magnitude of interest rate hikes.

In the Fed's final meeting of last year, Chair Janet Yellen changed the language it uses to update markets on its interest-rate hike timeline. The Fed coined "patient" as its new go-to term to describe its likely path. The Fed has had to acknowledge the improving U.S. economy, which grew at a peppy 5% pace in the third quarter of 2014 and is expected to grow 3% or more in the final quarter. An improving job market, which includes an unemployment rate of 5.7% which is nearing the Fed's definition of healthy employment, has also put the rate-hike talk on the fast track.

The creepy world of central planning.