Hope you aren't expecting a rate hike from the Fed in December. According to St. Louis Federal Reserve President William Poole, you won't get one - though I have yet to find anyone espousing the belief that a rate hike is needed at this point. While Poole noted that it could take years for the subprime mortgage market to recover, other financial markets are already showing signs of improvement. Recent weeks show clear progress, Poole noted.

According to the Fed President, the strength of consumer spending will be a determining factor. Poole did make one thing clear, however: the Fed won't raise rates at its next meeting in December. Market participants must be confident that they can take positions without the risk that the Fed might raise rates, he said. Poole is a voting member of the Federal Open Market Committee this year.