Will the Fed hike interest rates at the August FOMC meeting?

Yeah, that's what everybody wants to know: What will the Fed do with interest rates in less than three weeks at the August 8 FOMC meeting?

After digesting Bernanke's testimony and the latest semi-annual Fed monetary policy report to Congress, I'll offer my updated view sometime this weekend, assuming I don't spend too much time at the big Microsoft annual company picnic that runs this weekend on both Saturday and Sunday.

-- Jack Krupansky