Keen analyst of the obvious

The head of the NY Fed, William Dudley, speaks;

Mr. Dudley said boosting short-term rates off their current near zero levels at the Federal Open Market Committee’s mid-September meeting now looks “less compelling” in light of the market’s volatility and worrisome news out of China.

Maybe that's why the central bank of China moved in the other direction?

Someone should have asked Mr. Dudley, What's with this interest rate fetish?, after he said;

“I really do hope we can raise interest rates this year,” Mr. Dudley said. But he added, “Let’s see the data unfold before we make any statements when that might occur.”

If the Fed really wants higher interest rates, they could get them by announcing a higher inflation target, or probably even better, a higher target for nominal GDP. The announcement alone might move markets, including credit markets in the desired direction.