How will the Fed FOMC actually tell us that they're "done"?

A major unresolved issue with Fed FOMC communications is whether the Fed FOMC will explicitly state in its announcement that its action at a meeting does in fact end its rate-hike campaign. A related issue is whether the Fed FOMC will explicitly state in its announcement that its action at the next meeting will likely be the pause point (i.e., a warning of the pause a meeting before it happens).

The closest I can come to clarity on this is to note that since the Fed has now consistently said that its future actions will depend heavily on the economic data, the Fed may in fact give no warning in their announcement whether a given action was the end of the campaign or even whether the next meeting is likely to be the end. If that's the case, the only way people will know that the campaign is over is when an FOMC meeting passes without action, or if the Fed official comments between meetings seem to suggest a Fed feeling that "interest rates are about right", "further action isn't likely to be required", or similarly vague sentiments.

Since the Fed has not been clear on these two communications issues, the markets will be quite volatile as market participants jockey for interpretations of the Fed's actual announcement phrasing.

I'd also note that no market commentators have made clear their expectations on these two issues either. So much for transparency.

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-- Jack Krupansky