Will Fed be hawkish or dovish ?

 As par my assumptions:

Fed will not act in a hurry despite there is some blockbuster US job data recently :

1. Low wage growth & lack of high wage job growth and lower participation rate in US.

2. Lower trend of inflation in US and deflationary trend in all the G6 economy.

3, China slow down & fragile EU condition, including remote possibility of Grexit.

4. Geo-political factors like Greece, Russia/Ukraine ( Greece is a NATO member and if it exits EURO, then Russia or China could provide Greece vital financial support in lieu of military/naval base & may force it to exit NATO also).

5,Already very strong USD is hurting corporate profits of US ( as market may already discounted any possible 0.25% rate hike in late 2015). More strong USD as a result of excessive Fed action may not be warranted.

And, there may be another political factor: 2016 election in US.

No Govt. will like to go to election in the back drop of a crashed stock market & lack of confidence of people(voters) as a possible result of excessive Fed hike action. Fed may also think of a targeted mini stimulus in line of China or even EU to stimulate real economy along with a orderly/steady financial market.

Bottom line:

Fed may keep its current "SILENT" mode through out 2015-16, although language may vary from "PATIENT" to "LIVE" mode (like "Closely watching meeting by meeting' with "accomodative" approach).

 Fed may hint for a small hike of around 0.25% only in late 2015 with lots of caveats.

Confidence of Fed in US & related global economy may not be strong enough at this point of time to signal a clear cut excessive rate hike (above 0.50%) in immediate future.