According to the International Monetary Fund, the Federal Reserve will be able to hike interest rates gradually given the slack in the labor market and continued low inflation, with the first hike likely to come in midsummer of 2015. Per MarketWatch:
But after that their rate paths diverge, with the IMF staff’s expected rate path well below the median of the estimates of top Fed officials in the latest “dot-plot” released in June.
The IMF staff assumes a rate hike at every other meeting once the central bank starts to tighten, said Nigel Chalk, deputy director of the IMF’s Western Hemisphere Department.
See article for chart on expectations for future policy rates.