Matthew Boesler

Investors will listen closely for additional clues on timing for a rate hike when Fed leaders meet at an upcoming symposium.

Investors see a nearly 80% chance that rates will be unchanged at the next two meetings of the Federal Open Market Committee, according to prices of options on eurodollar futures contracts.

There are risks of contagion to other countries, but "it will take a significant amount of time to see how all that unfolds," says Federal Reserve Bank of Dallas President Robert Kaplan.

Central bankers will shed more light this week on the risks of either raising interest rates amid global uncertainty or leaving them on hold again as the U.S. economic outlook improves.

Chicago Fed President Charles Evans admits he "would prefer to have more confidence" that inflation is actually on the rise before voting to raise rates.

Federal Reserve officials stressed that policy should be tightened only gradually after interest rates are increased for the first time since 2006, with New York Fed President William C. Dudley saying the conditions for liftoff "could soon be satisfied."