Did the first shoe just drop? The Fed Funds rate has effectively been at zero since December of 2008. That’s a zero rate for banks for more than six years when banks need to borrow from one another to meet their reserve requirements.

The rate has been so low for so long we may have moved into anrate increase this june arena where ultra-low rates are the norm, not the exception. But for six years? That sounds like a norm to me. But that might be coming to an end soon.

According to a Reuters article reported on cnbc.com, two voting members of the Fed think it’s time to raise rates sooner rather than later. As early as last October, many economists expected the Fed to stand pat well into 2015, and some even into next year before a rate increase was exercised by the Fed. Both Fed Presidents Jeffrey Lacker and John Williams publicly stated a rate increase might be coming this June. That’s four months from now. Will that happen?

The next FOMC meetings will be held March 17-18. Rate moves will be discussed at these meetings and if there is a rate move then we’ll know about it the afternoon of the 18th. If no rate increase, April 28-29 follow then June 16-17. If in fact a rate increase will happen in June, it looks as if June 17 will be the date.

However, if the economy continues to spew positive economic reports such as employment, job creation and wage growth on the way to June 17, credit markets will have anticipated the rate bump and rates will have moved up in anticipation of the increase. Bond traders don’t like surprises and if a rate increase is expected, the price of bonds and U.S. Treasuries will begin to fall, increasing market rates. If February produces the sort of economic reports that indicate a recovery is in progress, we could see higher rates as early as the first week of March, if not sooner.