Dolce, the Fed (like all central bankers) merely follows the market so any rate rise from the Fed will occur when they deem the supposed economic recovery is sustainable. The Fed will finally become confident enough to do so right near the all-time peak in US stock prices - likely by the end of this year or early 2017.
There is a great deal of borrowed money propping up global stock markets. The next panic selloff (perhaps starting with Italian banks) will force a wave of margin calls leading to a major credit crunch and a downward spiral in prices.
2017 may see ongoing financial crises and a return to recession for many economies (including Australia) which will really test people's faith in the power and influence of central bankers.
