Last month a New York report indicated that there was a drop in unemployment to 5.5 percent. In addition, 295,000 jobs were added.

While this is great news, it must be noted that the labor market is still not in as great a shape as it should be. For example, wages have not been increasing. If the job market was stronger this would not be the cases. But throughout the six years that the market has been in recovery, there has hardly been any wage increase.

Thus experts are hoping that the Fed will hold off until wages are running alongside inflation and productivity and meanwhile, use its regulatory powers to ensure low interest rate credit is actually put to productive, practical use. Congress also needs to play a part.