To be or not to be? That is the question posed by global economists when considering whether the Federal Reserve Board will raise interest rates at its upcoming forum.

The next meeting of the central bank members is scheduled for September 16th-17th and speculation of a rate hike—the first in seven years- has been a major concern worldwide for months.

The small increase-.25 percent at most– seemed like almost a sure thing when originally proposed but its implementation has been questioned as a result of a continuous string of global events, primarily the turmoil in China which has turned many global economies on their heads.

The Fed itself is anxious to break through the federal funds rate barrier where it has been frozen at zero percent since the financial crisis of 2008

The Fed itself is anxious to break through the federal funds rate barrier where it has been frozen at zero percent since the financial crisis of 2008 and believes that the U.S. economy is strong enough to handle the increase.

There are two sides to every argument, however, and when it comes to financial decisions, especially those that can have major economic implications in the U.S. as well as in other countries, there is no surety as to the outcome of the vote.

Award for Good Growth

Some analysts see the hike as a reward for five straight quarters of GDP growth along with a strong recovery in job creation. One official at a major U.S. banking institution went so far as to state that the postponement of a rate increase could actually be interpreted as a sign that growth is slowing down and not the other way around.

Moreover, officials from emerging economies are pushing for the increase so they can put their own economies in order.  They believe that the re-pricing of the S&P 500 (SPY) in recent weeks, prompted mostly by weakness in China and other foreign markets, may have actually given the Fed room for the rate hike.

Other analysts, however, fear that a Fed rate increase would raise the borrowing costs of many governments and companies. And both the IMF and the World Bank, concerned about slackening global growth, have recommended that the Fed hold off on the hike.