A hike would establish Warsh's inflation-fighting credibility, leading some, like Citadel Securities and PGIM, to assign a higher chance of an increase this week. For traders, it means greater angst, illustrated by the record demand seen this week to hedge against a surprise rate hike. The chorus in favor of the case for a rate hike is growing. Wrightson ICAP's chief economist Lou Crandall said there is no good reason for the Fed not to raise interest rates. Jonathan Pingle, chief US economist at UBS, said he hasn't felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair.