This year there has been a seemingly endless stream of commentary from Fed officials about whether the Fed will raise rates. And so far it has been all talk — the Fed has done nothing.

The Federal Reserve’s near-zero interest-rate policy might well end in our lifetimes. By the end of this year? Early next? The uncertainty of that monetary shift has created market havoc for months. John Taylor, a Hoover Institution fellow and an economist who served four presidents, believes it's past time for the Fed to “renormalize” interest rates.

New York Fed President Bill Dudley and I debated The Fed at a crossroads: Where to go next? at Brookings yesterday, moderated by David Wessel. Bill argued against a more rules-based road ahead for the Fed. I disagreed, but this kind of discussion from the Fed is helpful given recent legislation requiring it to report its rule or strategy.

The widening income gap between the wealthiest and the poorest Americans has become an issue of growing concern for economists, educators and policymakers nationwide.