According to Federal Reserve Bank of Chicago President Austan Goolsbee, they should start thinking about how long to hold rates. In an interview with Bloomberg, he said that the last couple of inflation readings were pretty positive. 

Regarding Fitch’s US credit downgrade, Goolsbee mentioned that it won’t make much difference. On the labor market, he said that it has to get into balance. He notes that it is cooling but warned it is “still extremely strong”.